Oceanport, Little Silver Receive Nearly $3 Million in Community Disaster Loans

Little Silver and Oceanport received nearly $3 million in Community Disaster Loans from FEMA on Monday.

The Community Disaster Loan Program provides budget relief for local governments experiencing, or projected to experience, revenue losses greater than 5 percent of annual collections due to the impacts of Superstorm Sandy, according to a release from Gov. Chris Christie's office.

“The Community Disaster Loan Program provides a vital source of assistance that will help our local governments maintain essential services," Christie said in the release. “The program also helps prevent unsustainable increases in property tax and utility rates that would impede New Jersey’s recovery and compound the suffering already present in many communities.”

Little Silver received $1,829,234 and Oceanport received $1,154,931 in Community Disaster Loans.

Revenue sources include taxable properties destroyed and damaged by the storm, taxable properties at risk of reduced valuation because of projected tax appeals, decreases in tax collection rates, and decreases in other revenues such as water/sewer collections, beach badges, parking meters, hotel taxes, municipal court fines and fees, and boat ramp fees, the release states.