MAYOR BLOOMBERG ANNOUNCES CITY’S PLANS FOR NEW HURRICANE SANDY RECOVERY INITIATIVES TO BE FUNDED WITH $1.8 BILLION IN FEDERAL GRANTS

New York, NY – February 6, 2013 – (RealEstateRama) — Mayor Michael R. Bloomberg today announced that New York City plans to spend its initial allocation of $1.77 billion in Community Development Block Grants to address the most urgent housing, business and infrastructure needs in the neighborhoods hardest hit by Hurricane Sandy through eight new programs. The new programs fall into three categories of immediate need: housing recovery, business recovery and infrastructure resiliency.