Schumer Proposes Storm ‘Bank’

NEW YORK (AP) -

Sen. Charles Schumer is urging turning a chunk of New York’s Sandy grant money into a loan fund to pay for long-term infrastructure improvements.

The senator said the fund would use a portion of the $16 billion in Community Development Block Grant funding authorized after the storm. He said it could provide low-cost financing and attract private money to improve facilities.

Schumer said the fund would “be a creative way to take the resources we’ve already secured and do much more with them.”