"Extreme flooding and natural disasters often impact traditionally marginalized communities the most, as they have little to no savings and are often denied post-disaster loans, while federal funding is typically insufficient or extremely delayed," said CNYCN CEO and Executive Director Christie Peale. The program doesn't have limits on how households can use the funding they receive. Households could receive as much as $15,000 in grant money within days of a flood. Low-income households are not getting sufficient resources in a timely manner, which leads to downward financial spirals," Carolyn Kousky, associate vice president for economics and policy at the EDF, told CNBC. "Our challenges in disaster recovery are big. Studies show that low-income communities and communities of color recover more slowly from disasters than wealthier ones, and that white Americans often receive more federal disaster aid than people of color - even when the level of damage is the same. Rising tides and more frequent storms in New York City will put up to $242 billion of real estate at risk of coastal flooding by the 2050s, according to a report by the city's comptroller. ![]() Tens of thousands of New Yorkers reside in low-lying neighborhoods where climate change has prompted rising sea levels, worsening coastal storms and more frequent flood events. ![]() To be eligible for grants, a homeowner must live in a one-to-four-unit home and have a household income that is no more than 165% of the city's area median income. The program is designed in part to help frontline communities get quicker relief after climate-related disasters and make up for an often slow and complex payout process from private insurance providers or the federal government.
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