- New York City has launched a new pilot program that will help residents of low-income communities recover faster from major flooding.
- The program, launched by the nonprofit groups Center for NYC Neighborhoods (CNYCN) and Environmental Defense Fund (EDF), will provide up to $1.1 million in emergency spending.
- The plan is designed in part to help frontline communities get relief sooner after disasters and offset an often slow and complex payment process from private insurers.
New York City has launched a new pilot program that will help residents of low-income communities recover faster from major flooding.
The program, launched by the nonprofit groups Center for NYC Neighborhoods (CNYCN) and the Environmental Defense Fund (EDF), will provide up to $1.1 million in emergency spending to low-income households low and medium affected by flooding.
The program is designed in part to help frontline communities get relief faster after weather-related disasters and offset an often slow and complex payment process from private insurers or the federal government.
To qualify for the grants, the homeowner must live in a one- to four-unit home and have a household income that does not exceed 165% of the city’s median income.
Tens of thousands of New Yorkers reside in low-income neighborhoods where climate change has caused rising sea levels, worsening coastal storms and more frequent flooding. Rising tides and more frequent storms in New York City will put up to $242 billion in real estate at risk of coastal flooding by the 2050s, according to a report from the city’s comptroller.
Studies show that lower-income communities and communities of color recover from disasters more slowly than wealthier ones, and that white Americans often receive more federal disaster assistance than people of color, even when the level of damage is the same.
“Our disaster recovery challenges are great. Low-income households are not getting enough resources in a timely manner, leading to downward financial spirals,” Carolyn Kousky, associate vice president of EDF, told CNBC. for economics and politics.
“I see this pilot project as one of many potential creative ways we can begin to improve fairness and recovery,” Kousky said.
Homes could receive up to $15,000 in grants in the days following a flood. The program places no limits on how households can use the funds they receive.
“Extreme floods and natural disasters often hit traditionally underserved communities the hardest, as they have little or no savings and are often denied post-disaster loans, while federal funds are often insufficient or long overdue. a long time,” said Christie Peale, CEO of CNYCN.
“This innovative program is designed to spur real change by providing immediate access to funds to help us move towards recovery,” Peale said.
In partnership with data technology company ICEYE, insurance company Swiss Re Corporate Solutions will assess the flood intensity caused by the weather event to settle claims.
The company will determine the percentage of each neighborhood that is in the flooded area and the severity of the damage within a few days. It will process a payment to CNYCN, which will then distribute grants to households that request assistance.
This article was originally published in English by Emma Newburger for our sister network CNBC.com. For more on CNBC, head here.