Citi has launched a $40 million Storm Recovery Loan Fund along with Mayor Michael Bloomberg and The Community Preservation Corporation (CPC). The fund combines a subsidy from the Housing Preservation and Development (HPD) with CPC to provide loans below market-rate.
The new program provides up to $40 million in low-cost loans for families whose homes were damaged by Hurricane Sandy. Money from the loan program may be used for repair work where necessary.
The interest rate on the CPC portion of the loan will be approximately 4.5% and the HPD portion will be 1%.