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
- DeSoto County Supervisor Lee dies in ATV accident on his birthday
- Molpus closes Fund after more than $662M in commitments
- Kemper County plant will cost at least another $496M to complete
- Cochran calls on EPA for review of Yazoo Backwater Project
- State Sen. Gandy hospitalized in South America
- Camgian launches Internet of Things product called Egburt
- Number of requests for general election absentee ballots roughly same as primary
- Former Mississippi First Lady Carroll Waller dies at 87
- After string of losses, O'Hara sees himself as Senate 'protest vote'