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TheStreet Open House

NY To Get $3.5 Billion In 1st Release Of Sandy Aid

NEW YORK (AP) â¿¿ New York is getting nearly $3.5 billion in the first release of funds from the $50.5 billion emergency relief measure enacted last month for Superstorm Sandy victims, Sen. Charles Schumer said Tuesday.

As part of the total $5.4 billion to be released in the first installment, New York State will receive $1.7 billion and New York City will receive nearly $1.8 billion for distribution, Schumer said.

New Jersey will get $1.8 billion and Connecticut, Rhode Island and Maryland will split the rest, Schumer added.

"We know there is desperate need and anxious waiting in the places hit by the storm, and we will be making sure that this money gets to homeowners, small business and communities as quickly as possible," Schumer said.

The money is part of $16 billion in community block grants from the U.S. Department of Housing and Urban Development and will go toward housing and rebuilding efforts.

Schumer said further details on the specific projects and geographic distribution will be released in mid-February.

The Oct. 29 storm was one of the worst to strike the Northeast and is blamed for more than 130 deaths and tens of billions of dollars in property damage.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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