New York State has requested a federal disaster designation that could open low-interest loans to homeowners, renters, businesses and nonprofits affected by flooding in Columbia and Rensselaer counties on July 28 and 29.
Gov. Kathy Hochul said she asked the U.S. Small Business Administration for a Physical Disaster Declaration covering those two counties and the contiguous counties of Albany, Saratoga, Washington, Dutchess, Greene and Ulster. The declaration has been requested, not approved, so residents and businesses cannot yet apply under this announcement.
What loans could cover
If the SBA approves the request, homeowners could seek loans of up to $500,000 to repair a primary residence. Homeowners and renters could seek up to $100,000 to repair or replace damaged or destroyed personal property.
Business owners could seek up to $2 million to replace damaged real property, inventory, machinery, equipment and other physical losses. Businesses and nonprofits could also qualify for Economic Injury Disaster Loans of up to $2 million for working capital while normal operations resume.
Those figures are maximum loan amounts, not grants or guaranteed awards. The governor's announcement did not give interest rates, repayment terms, application deadlines or a date for a federal decision.
The requested coverage extends to counties adjoining Columbia and Rensselaer, but the release did not identify specific damaged neighborhoods, properties or businesses. It also did not report a total damage estimate from the late-July flooding.
State awaits federal decision
Hochul said federal assistance would give affected households and businesses another recovery option. Terry O'Leary, commissioner of the state Division of Homeland Security and Emergency Services, credited emergency managers in all eight counties for their response and recovery work.
The next step is an SBA decision on the state's request. If approved, the designation would allow eligible applicants in the covered counties to seek the loan programs described in the announcement.
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