‘Manna From Heaven’ For Astoria Flood Residents

Water-logged residents in Astoria are getting a helping hand from a local bank chain.
At a meeting held at the Augustana Lutheran Church last week, officials from Commerce Bank announced that every homeowner affected by the February 16 water main break will receive an immediate, no-questions-asked $500.
“We are your neighbors and we feel we should give back,” said Vice President of Regional Affairs for Commerce Bank, Peter Meyer.
In addition to the $500 allotment for each home, Commerce has also pledged a total of $25,000 for the community to help with clean up, as well as providing easy-to-get low interest loans to help residents until the city, which has admitted responsibility for the break, completes their claims and reimburses them.
“Individuals won’t have to verify damage(s) or amounts,” said Meyer. “They just have to verify the fact that they are the home-owner. Hopefully this will help [them] get through this terrible time.”
The loan programs being offered by Commerce include one that is unsecured for six months, interest-only, up to $10,000; and another that is a home equity loan, interest only for six months at a rate of 5.25%.
“They are doing something never done before,” said Peter Vallone Sr. “For the 50 homes involved, there are no questions asked, no money to pay back – it’s unprecedented.”
The announcement was met with great relief by those in attendance, as many homeowners had expressed concern at not knowing the timetable for reimbursement from the city.
“This is a working class neighborhood,” said Jamie Dovico, who sits on the board of the United Community Civic Association (UCCA). “It’s sad, because you see all their possessions, everything they own, in dumpsters.”
Also at the meeting, Assemblyman Michael Gianaris informed residents that he is currently working on legislation to have the state emergency management office help supplement the city’s coverage of the damages by helping to expedite the application/approval process and by giving up to $50,000 per application.
“I want to complement the mayor for his fast response to the pressure applied by the community,” said Gianaris. “However, it’s one thing to say ‘we’re going to pay’ when we need to see the money. We’ll continue to put pressure on him to expedite.”
Forms for the Commerce Bank reimbursement as well as for filing claims against the city are available at the office of Councilman Peter Vallone Jr. For further information, call (718) 274-4500.
toni@queenscourier.com