The Authority was awarded $500 million through the New Jersey Department of Community Affairs ("DCA") for the Hurricane Sandy Disaster Recovery program under the federal Hurricane Sandy Community Development Block Grant Disaster Recovery Grants ("CDBG-DR") program. On May 21, 2013, the Authority executed a subrecipient agreement with DCA in which the Authority is responsible for implementing and administering the Stronger NJ Business Grant Program, the Stronger NJ Business Loan Program, the Stronger NJ Neighborhood and Community Revitalization Program and the Energy Resiliency Bank Program (collectively the "Program"). The Program is intended to lend or grant eligible funds to strengthen New Jersey's economy by retaining and growing businesses and to revitalize communities impacted by Hurricane Sandy. The Energy Resiliency Bank was created to address Statewide energy resilience needs. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding, net of payments received, at December 31, 2024 is $81,199,174. Pursuant to the Agreement with DCA, the Authority may be reimbursed for general administrative costs incurred in conjunction with the program. This amount cannot exceed $2,375,000 of the CDBG-DR budget of $500,000,000 over the life of the agreement. Expenditures on the accompanying Schedule include $282,441 of general administrative costs incurred by the Authority for the year ended December 31, 2024. Cumulative general and administrative costs to date are $1,697,766. In addition, the Authority may be reimbursed for activity delivery costs incurred up to 15% of the total budget, or $75,000,000, over the life of the agreement. Expenditures on the Schedule include $720,224 of activity delivery costs incurred during 2024. Total activity delivery costs incurred during 2024 were $720,224 Cumulative activity delivery costs to date are $55,885,337. Expenditures Loans (beginning balance plus current year expenditures) $105,698,883 Neighborhood and community revitalization 2,992,066 Administrative and program delivery 720,224 General administrative costs 282,441 $109,693,614
In accordance with program guidance under Assistance Listing Number 11.307 for revolving loan funds ("RLFs"), each RLF's expenditures for the year endend December 31, 2024 have been calculated in the folliowing table. Balance of RLF Cash/Investment Loans Outstanding at Balances in RLF at Administrative Federal December 31, 2024 December 31, 2024 Expenses Paid Out Subtotal Share Plus Plus of RLF Income Multiplied By of RLF Total Covid Small Business Emergency Assistance Loan Phase 2 $9,305,711 $519,077 $- $9,824,787 100% $9,824,787 $9,305,711 $9,824,787
Each of the grantor agencies reserves the right to conduct additional audits of the Authority's grant programs for economy, efficiency, and program results. However, Authority management does not believe such audits would result in material amounts of disallowed costs.