New York City Mayor Michael Bloomberg was to announce approval of the aid plan along with U.S. Housing and Urban Development Secretary Shaun Donovan and Sen. Charles Schumer, D-N.Y., The New York Times reported.
"The most significant portion of the funding is for housing recovery programs," said Caswell F. Holloway, the city's deputy mayor for operations. "The biggest step forward in bringing neighborhoods back is to help people get in their homes."
Residents will be given a total of $648 million to help rebuild homes and make the houses more storm-resistant, the Times said. That includes $9 million for rental subsidies for 24 months for low-income renters.
HUD approved a plan that would see $360 million go toward city infrastructure, $294 million on investments to make the city more resilient to storms and $293 million on loans, grants and other programs for businesses.
Those applying for aid can begin doing so in June -- businesses can start this month -- and the process should be completed "within weeks," Holloway said.