Mount Vernon fire victims may qualify for federal disaster loans
A total of 88 apartments were damaged in a Mount Vernon fire last November, with losses totaling more than $1.8 million, according to the governor's office.
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A total of 88 apartments were damaged in a Mount Vernon fire last November, with losses totaling more than $1.8 million, according to the governor's office.
New details are emerging on the next steps for the fire victims.
The fire broke out on Nov. 23 and displaced about 102 families from homes on Cottage and Park avenues.
The city, working with the U.S. Small Business Administration, says residents, small businesses and nonprofits affected may qualify for low-interest federal disaster loans.
In the wake of the fire, here's what victims can expect, according to the U.S. Small Business Administration.
Businesses and nonprofits can apply for business physical disaster loans and may borrow up to $2 million to repair or replace items or real estate affected.
As for homeowners and renters, they're eligible to apply for home and personal property loans up to $100,000.
Homeowners specifically can apply for up to $500,000 to repair or replace their primary residence.
"These loans can be as low as 2.875% interest, no interest for the first 12 months, no payment for the first 12 months. There's no pre-payment penalty, and if they're approved, they're under no obligation to accept the loan," said Sharon Dooley, with the U.S. Small Business Administration, or SBA.
Those with the city emphasize that anyone affected should not wait to file a claim.
The deadline to return applications for physical property damage is Feb. 17.
The SBA will have a Disaster Loan Outreach Center located within City Hall for inquiries.
For more information, please visit The U.S. Small Business Administration's website here:
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