675 Third Avenue, Suite 1905 | New York, NY 10034 | HFLS.org | 212-687-0188
HEBREW FREE LOAN SOCIETY FUNDING RECOVERY FROM HURRICANE IDA
Press Contact: Rachel Chasky, 212.600.8541, rchasky@HFLS.org
NEW YORK — In the wake of numerous reports of lower-income New Yorkers struggling to make repairs following Hurricane Ida, the Hebrew Free Loan Society (HFLS) is offering three new zero-interest loan programs to help.
HFLS interest-free Storm Damage Loans provide relief for low- and moderate-income residents of New York City’s five boroughs, Westchester, or Long Island. These include emergency funds for home and business repair and renovation, cleanup and mold remediation, replacement of personal belongings and household essentials, and temporary relocation.
“The storm that wreaked havoc from New Orleans to New York could wind up becoming one of the costliest hurricanes to hit the U.S. since 2000,” CNBC’s Pippa Stevens reported Sept. 8. Estimates are that Ida wreaked about $95 billion in damage in all.
“Too many lower-income New Yorkers are falling between the cracks when it comes to getting financial assistance they need to deal with damage from the hurricane. We decided to focus directly on this need,” said Rabbi David Rosenn, president and CEO of HFLS.
In some cases, people do not qualify for government programs because they live in Manhattan or Long Island, as neither area received a federal disaster designation. In others, they may have not received government aid enough to meet cover their losses.
HFLS is offering three kinds of loans: for individuals, homeowners and small businesses:
As with any loan with HFLS, the Storm Damage Loans are zero-interest and free. Borrowers pay back only what they borrow in equal installments over 2-4 years.
For information about HFLS Storm Damage Loans and to apply, visit HFLS.org/storm-damage.
The Hebrew Free Loan Society fosters financial stability and opportunity among lower-income New Yorkers by providing access to safe and affordable credit in the form of interest-free loans. The Hebrew Free Loan Society has been in existence since 1892. Learn more about HFLS by visiting our website HFLS.org or visit our pages on Facebook, Twitter, Instagram, or Linkedin.
This week, in response to the virus, [HFLS] modified its application process: Interest-free loans of up to $5,000 are now available to people in those areas with only one guarantor needed.
[HFLS] initially allocated $1 million to coronavirus loans and is trying to line up resources to be able to provide “several million more,” he said, and the HFLS is in the process of finalizing a $500,000 commitment from a major financial services firm.
“We are prepared for a whole raft of financial needs that people will be experiencing because of coronavirus outbreak,” said Rabbi David Rosenn, [HFLS] Executive Director.