Seth Pinsky, president, New York City Economic Development Corp., noted, “The property reassessments completed over the past several months have provided business owners in the neighborhoods most impacted by Hurricane Sandy with critical assistance, contributing to the ongoing recovery of these areas. This recovery has further been supported by the City's business loan and grant programs, which are in the process of being significantly expanded, thanks to new federal funding. Programs such as these will allow our city not only to restore impacted areas, but to emerge more prosperous than ever before.”

In total, the Department of Finance revised values for more than 88,000 properties impacted by Hurricane Sandy, resulting in an overall reduction of $90.3 compared to the tax burden if calculated from the initial assessments.

Meanwhile, the Federal Department of Housing and Urban Development has allocated $1.77 billion in aid for Hurricane Sandy Relief, of which $293 million will be spent on business recovery programs. More specifically, $72 million has been earmarked for business loans and grants; $90 million for investments in business resiliency; another $90 million for a competition to reward innovative ideas for spurring economic development in hard hit areas; and $41 million for a competition to develop resilient technologies.

Business owners can find out more information about the application and other requirements by calling 311 or visiting www.nyc.gov. Business owners will work directly with an account manager at the NYC Business Solutions Center to apply for loans of up to $150,000 and matching grants of up to $60,000. The city also established emergency grant and low-interest loan programs that have provided nearly $15 million in loans to 650 businesses and $4 million in matching grants to 400 businesses.