Economic Adjustment Assistance-Availability of Funds for Hurricane Floyd and Other Disasters

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The Economic Development Administration (EDA) announces the availability of $55.8 million for economic adjustment assistance to support disaster recovery programs designed to assist affected states and local communities recover from the consequences of Hurricane Floyd and other recent disasters. Eligible activities include planning assistance, construction grants, and capitalization of revolving loan funds (technical assistance, if incidental, may be appropriate) to assist in the recovery efforts of communities impacted by Hurricane Floyd and other recent disasters. Of the appropriated funds, $49.9 million (which includes $30 million for New Jersey) will be available to assist communities impacted by Hurricane Floyd. (The most serious economic impacts of the hurricane were concentrated in the States of North Carolina, New Jersey and Virginia.) Funds in the amount of $5.9 million will be available to assist communities impacted by other recent disasters. EDA will consider projects dealing with local, regional or statewide issues that are related to disaster response and recovery from Hurricane Floyd as well as such projects responding to other recent disasters.