PLEASE NOTE THAT THIS BLOG POST IS FROM JANUARY 9, 2014 AND IS CURRENTLY OUT OF DATE. PLEASE CONTACT US AT 516-623-2945 FOR ALL OF THE LATEST DEVELOPMENTS ON NY RISING. THANK YOU.
Hurricane Sandy, Irene and Lee have had a devastating effect on our community. This came at time that we weren’t all flourishing. Quite a few families are still struggling to get back home. Insurance companies and Banks have not done the right thing. The process with NY Rising has been a long and tedious one and won’t be completed for a while.
At this time, NY Rising is requiring a 2 million dollar umbrella policy on top of a 1 million/2 million liability policy. This is something that is extremely difficult to get because of certain laws (scaffold Law) specific to New York State. This will restrict the number of contractors who can do this work.
The requirement for contractor licensing is $100,000/$300,000. The mandate of more insurance comes down from HUD which is where the funds also come from. At this time, I hear through the grape vine that this is being reviewed. NY Rising also has a payment schedule of 10% deposit, 50% at the half way mark and 40% upon issuance of the CO. This will restrict the ability of most New York and Long Island, NY contractors to carry the cash flow burden.
I hear this is also being reviewed. Lastly, the allocation NY Rising is claiming for a new home is $160 per sq. ft. This is absurd. Prices start at $200 sq. ft. and have for a while. Hopefully, this will be re-considered. In essence, I think a lot of changes will come down the road, but may take a while. This is a big issue for the people who are homeless from the storm. My heart goes out to you!
Here at Bens General Contracting Corp. we are here to help. We will assist in pre-planning and advice. We have the latest selection of products and the expertise to put your home back together, build new or raise your existing homes. In addition to Home building and renovation we have extensive knowledge of pilings, helical piles, concrete grade beams, flood regulations, elevations etc. This is what we have been doing and doing locally for over thirty years.
Contact us today for a free quote and for a consultation.
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Note: Information on this page is for informational purposes only. Due to its nature as a blog entry, certain information may become irrelevant over time as information changes. The NY Rising program has undergone several updates and changes. Please consult with us at 516-623-2945 to discuss any updates or go to: stormrecovery.ny.gov/
