Spin Cycle

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  ALBANY - Gov. Andrew M. Cuomo submitted New York’s “action plan” Tuesday for using federal money for homeowners and businesses hit by superstorm Sandy, earmarking $171 million for home buyouts.

The plan outlines how the state would spend the initial $1.7 billion federal recovery money; New York expects to eventually receive roughly $30 billion. The U.S. Department of Housing and Urban Development must approve state plans.

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Cuomo called for allocating $233 million for single-family homes whose cost to repair or replace exceed the amount received from other sources, such as the Federal Emergency Management Agency.

The plan also called for $415 million in business assistance, including $233 million in direct grants and $130 million in low-interest loans. The maximum grant is $100,000; the maximum loan, $1 million.

Business aid also includes $20 million for coastal fisheries – businesses could receive grants up to $50,000.

The home buyout program would cover substantially damaged parcels inside the floodplain and other designated buyout areas. Eligible homeowners would receive the full pre-storm, fair market value for their dwelling – up to the Federal Housing Administration loan limit, the Cuomo administration said.

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