FEMA forgives Coast city’s disaster loan
Published: March 21,2011
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
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Jail kitchen supervisor pleads guilty to stealing food
- A BIG CHANGE: New mortgage rules seen bringing increase in pricey mobile home loans
- Warden who lives hundreds of miles from jail resigns
- Top 10 finalists chosen for C Spire Conerly Trophy
- Ex-MDEQ leader Fisher joins Butler Snow
- State’s new banking chief Charlotte Corley has deep roots in the business
- DAVID DALLAS: Savor this Thanksgiving and be grateful
- Analyst: KiOR Columbus plant may end up sold as scrap
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi