News from the Associated Press - June 27, 2014

Associated Press
June 27, 2014

Lockheed Martin a partner on new defense deal

OWEGO, N.Y. (AP) - Lockheed Martin and Sikorsky Aircraft are joining forces again on a government contract.

The two companies have landed a $1.28 billion contract with the Air Force to build a new fleet of combat rescue helicopters.

Connecticut-based Sikorsky will provide the aircraft, and Lockheed Martin's plant in Owego will handle the new helicopter's modernized mission systems and other special equipment.

The contract announced Thursday calls for 112 combat search-and-rescue helicopters.

Last month, the Navy struck a $1.2 billion deal with the Lockheed-Sikorsky team to build the next generation of presidential helicopters.

Lockheed Martin has about 2,600 employees in Owego on New York's Southern Tier.

 

Engineers give Pa. infrastructure a C-minus

PHILADELPHIA (AP) - A civil engineering group is giving Pennsylvania poor marks for its infrastructure, saying the state has made little improvement to its roads and bridges over the past four years.

The American Society of Civil Engineers gave Pennsylvania an overall grade of C-minus.

A report released Wednesday said deteriorating roads and bridges remain as big of a problem as they were in 2010, the last time the engineering group assessed Pennsylvania's infrastructure.

The engineering group gave Pennsylvania roads a D-minus. The highest grade, a B, went to the state's largely privately run freight-rail system.

The state's new transportation-funding law will generate about $2.4 billion in new money for infrastructure by 2018.

 

NY loans to help homeowners at risk of foreclosure

ALBANY, N.Y. (AP) - New York's attorney general has announced a new small loan program intended to help homeowners at risk of foreclosure.

Eric Schneiderman announced the new program on Thursday. Called the New York State Mortgage Assistance Program, the initiative is starting on Long Island this September before being opened up to the entire state in October.

Schneiderman says the loans of up to $40,000 are intended to help homeowners pay tax liens, second or third mortgages, or back mortgage payments that have prevented them from being able to refinance their homes.

The Democrat says often homeowners can't modify their mortgage to avoid foreclosure because of a relatively small outstanding debt.

The initiative is patterned after a similar program in New York City.

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