For Profit and Non-profit Collaborate To Alleviate Storm Damage ...

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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.

(Photo credit: Examiner)

Categories: Business, Company News, News Item Tags: affordable housing, developmental assistance, disaster situations, Economic Activity, emergency management agency, federal emergency management, Federal Emergency Management Agency, FEMA, financial services firm, fund finances, global financial services, housing units, hurricane, income residents, MHProNews, Midwest, Morgan Stanley, national equity fund, nef, storm damage, tornadoes

Source: http://www.mhmarketingsalesmanagement.com/blogs/daily-business-news/for-profit-and-non-profit-collaborate-to-alleviate-storm-damage/

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