Global financial services firm Morgan Stanley and non-profit National Equity Fund, Inc. (NEF) have added $75 million to their joint Rebuilding Local Economies Fund to help provide replacement housing for victims of Hurricane Sandy, according to BusinessWire. Designed to jump-start economic activity with developmental assistance, the fund finances affordable housing for low-income residents in FEMA (Federal Emergency Management Agency)-declared disaster situations. The $200 million fund, administered by NEF, has committed $108 million to assist residents in the South and Midwest over the last 18 months of tornadoes and flooding. The additional $75 million will target areas of New York, New Jersey, Connecticut and Rhode Island damaged by Sandy, as MHProNews has been informed. When all $200 million is allocated, 1,500 housing units will have been developed along with the jobs created by the homes’ construction.
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