Home » NEWS » FEMA forgives Coast city's $5M-plus Katrina debt

FEMA forgives Coast city's $5M-plus Katrina debt

IsaacPASCAGOULA — More than $5 million in loans approved for the city of Pascagoula after Hurricane Katrina in 2005 have been forgiven by the Federal Emergency Management Agency.

The city was notified of the decision this week.

After the storm, many businesses and services in Pascagoula shut down, causing the city to lose millions in tax dollars and spend millions in operating expenses. The FEMA loan was to replace some of those lost dollars.

City Clerk Bobby Parker says the original debt for the federal disaster loans was for $7.7 million.

The city has been making payments on the loans. Parker says it now owes a balance of about $2.4 million.

Parker says the money was used after Katrina on utilities and infrastructure, including streets, vehicles and repairs to public buildings.



… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Megan Wright

Leave a Reply