Port, MDA may make loans with port expansion funds
Published: October 22,2010
GULFPORT – State officials are considering a plan to make available about $150 million of hurricane recovery funds diverted for the expansion of the Port of Gulfport for housing and job projects for low- to moderate-income residents.
The port received a total of $570 million for Hurricane Katrina recovery, originally intended to assist those residents.
Officials with the port and the Mississippi Development Authority now say because the expansion will take six years, a loan fund may be created to make use of some of those recovery dollars in the meantime.
The Sun Herald reports that MDA officials will accept ideas and proposals until 10 a.m. Dec. 9.
The economic development projects must result in a work force with 51 percent low- to moderate-income employees. More than 51 percent of housing units built must be for residents who earn 80 percent or less of the area median income.
Wilson said loans will be for 2-1/2 years or less, but can be extended in some circumstances. Wilson said these short-term loan programs generally help with construction until permanent financing can be arranged. MDA must write an action plan for the program, but proposals are being solicited first to determine if the need exists.
If a loan fund is established, it will not change the stance of the Mississippi NAACP, the Gulf Coast Fair Housing Center and people who contend the $570 million diversion to the port violates fair-housing laws, said Reilly Morse, senior attorney for the Mississippi Center for Justice.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Molpus closes Fund after more than $662M in commitments
- Realtors chooses Nita Wingard
- DeSoto County Supervisor Lee dies in ATV accident on his birthday
- MSU reminding fans that drones are prohibited at football games
- Politics of paying for transportation: Hand wringing and a lot of talk
- No debate, but Cochran and Childers lobby for votes for Senate
- Entergy agrees to cut $35M from its new rate plan
- Ford Foundation gives to UM for new science building
- Kemper County plant will cost at least another $496M to complete