SBA offers loans as Somerville continues flood cleanup

On August 4, 2010, in Latest News, by The Somerville Times

By Tom Nash

As the state continues workshops to help residents apply for loans to repair property damaged by last month’s flash flooding, the city announced Monday that mold growth will keep the Michael E. Capuano Early Childhood Center closed at least until the start of the school year.

The closure, in effect since last Thursday, will allow cleanup crews to remove mold from inside the first floor walls of the building and install new ventilation systems. The goal is to have the building ready by the first day of school, on Sept. 13.

“We hope the cleanup and repair work can be completed by the start of school, and we are working with the Office of the Mayor to develop contingency plans in case the building is not ready in time,” Superintendent Tony Pierantozzi said in a statement.

Summer programs being held at the center have been moved to the John F. Kennedy School and Edgerly Education Center. A program for new Capuano Center kindergarteners that had been scheduled to end Aug. 5 has been canceled.

Cleanup work is continuing at the Public Safety Building, which has been closed since the July 10 storm, with emergency calls still being handled by the state’s mobile 911 unit.

“There’s no specific timeline [for re-opening],” City Hall spokesman Michael Meehan said. “There are electrical issues that need to be taken care of and environmental tests pending.”

The city has spent around $800,000 replacing police vehicles lost in the flood, which dumped 4.3 inches of rain on the city in less than an hour. While not giving an estimate, Curtatone said the city will have to absorb all of the costs of the Capuano school above $100,000.

“Many residences and businesses in this city have experienced the same thing in the wake of the recent flooding,” he said in a statement. “Like those people, we will be working diligently to mitigate this problem.”

In response to the estimated 3,000 properties affected by the storm the federal Small Business Administration, a U.S. set up shop in Somerville High School last Friday to help property and business owners apply for loans to help repair both physical and economic damage.

The loans given to residents are available in amounts up to $200,000 to homeowners and $40,000 to renters, come with a 2.75 percent interest rate. Non-profits and small businesses can apply for both property and “economic damage” loans with rates between 3 and 4 percent.

Property damage loan applications are due Sept.  27, while economic injury applications are due April 27. The SBA will be at Somerville High School from 9 a.m. until 5:30 p.m. until Thursday, Aug. 5 – applications are also available online at www.sba.gov.

 

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