WAVELAND — The Federal Emergency Management Agency is forgiving Waveland’s $3.5-million Community Disaster Loan, which it made after Hurricane Katrina.
Bay St. Louis and Hancock County have also had their Community Disaster Loans forgiven in recent years.
Mayor David Garcia tells the Sea Coast Echo that the loan was coming due this year. He says payments over five years were going to cost the city $700,000 a year, plus interest.
The loan was made in 2006.
The $3.5-million loan was used to offset operating costs loss, make payments on infrastructure projects, and substitute for lost revenue, officials said.
Garcia says the city asked FEMA in January to forgive the loan.
In 2007, FEMA was given authority to cancel loans, which met certain criteria.
Source: The Associated Press
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