RREM Contractor Program
Homeowners in New Jersey who are still picking up the pieces from Hurricane Sandy or who are preparing again future storms of Sandy’s magnitude may be familiar with the RREM Program, which is designed to help those impacted by the storm rebuild and renovate. Here is what you need to know about the program.
RREM stands for Reconstruction, Rehabilitation, Elevation, and Mitigation. A company such as Structural Solutions of NJ is considered a RREM contractor.
Those participating in the RREM Program temporarily lose the right to sell their home; when you accept RREM funding, you also agree to not immediately sell or “flip” your home.
Temporary deed restrictions are placed on properties that go into the RREM Program. Ask your RREM Contractor for details.
The RREM Program mandates that homes must be lifted by October 2016.
Some programs, such as the Hazard Mitigation Grant Program, cannot be combined with funding from the RREM Program; homeowners must choose one or the other.
Homes entering the RREM Program must have sustained damage from Hurricane Sandy, and they must be a residents primary home. Secondary residences are not eligible for RREM funding.
Property owners who attempted to use RREM funds for their secondary homes have been prosecuted for fraud. Do not try to pushing through your secondary home without disclosing this to your RREM Contractor NJ.
The RREM Program only covers homes in Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean, or Union counties
Households with a gross annual household income of more than $250,000 do not qualify for the RREM Program.
Homeowners eligible for funding can receive up to $150,000 for repairs and improvements.
Funding can be used not only for repairs, but also for improvements that will help mitigate damage from future floods, such as house elevating.
Some $1.1 billion was allocated to the program, which was designed to assist about 8,500 homeowners, most of whom will seek assistance from an RREM Contractor NJ.
The RREM Program is being administered by the New Jersey Department of Community Affairs.
RREM Contractors in New Jersey
The funding itself is federal, and is derived from the Community Disaster Block Grant Disaster Recovery (CDBG-DR) fund, which is administered by the U.S. Department of Housing and Urban Development (HUD).
The State of New Jersey assigns a Housing Advisor and an RREM Project Manager to those entering the program.
The RREM Program is designed to target homes damaged by Hurricane Sandy, which at 820 miles in diameter was one of the largest storms ever recorded.
Storm surges from Hurricane Sandy reached an astounding 12.5 feet in some places, and waves off the coast reached nearly 40 feet.
Hurricane Sandy killed around 286 people, 177 of them Americans and 12 of them in New Jersey.
Estimates at lost business activity as a result of Sandy are upwards of $25 million.
Property damage has been estimated at more than $20 million.
The storm knocked out power to over 8 million homes in 17 states.
For more information on the RREM Program and how it may impact you and your life in New Jersey, reach out to your local NJ RREM Contractor and ask how they can assist you with the process. It’s not a process any homeowner wants to go through alone.