Miss. to Receive More than $67M in Community Disaster Loans

The Department of Homeland Security’s Federal Emergency Management Agency (FEMA) has approved more than $67 million to the State of Mississippi in the first installment of Community Disaster Loans (CDL). The initial round provides funds to devastated areas of Mississippi to maintain essential services as they recover from Hurricane Katrina.

“FEMA is getting these loans into the hands of local officials so they can respond to the needs of their communities,” said Acting FEMA Director David Paulison. “I am very pleased that working together, FEMA, the State of Mississippi and the local communities have moved swiftly through the loan process. FEMA will continue its collaboration with local officials throughout the Gulf region to speed taxpayer dollars to communities in need.”

FEMA approved the following loans:

City of Bay St. Louis $ 1,658,408
City of Biloxi $ 14,056,264
City of Gulfport $ 13,373,122
City of Pascagoula $ 4,461,387
City of Waveland $ 1,306,642
Harrison County $ 16,435,960
Jackson County $ 14,532,368
Stone County $ 1,596,669

“Both large and small communities need and appreciate every form of assistance possible in a disaster of this magnitude,” said Gov. Haley Barbour. “The Community Disaster Loan Program is an important option in the recovery process.”

FEMA has been working in 40 communities affected by Hurricane Katrina to speed the loan application and approval process. After FEMA approves a CDL application, the applicant must sign promissory notes and other documents. Once those documents are received by FEMA, funds can be transferred to the applicant’s account. In the weeks ahead, the number of applications is expected to rise.

In October, Congress passed the Community Disaster Loan Act of 2005, which authorized up to $1 billion for loans to help local governments replace lost tax revenue after disasters interfere with or diminish economic activity. CDL applicants include police and fire departments as well as school boards, district court offices and public hospitals that provided critical community services during and in the immediate aftermath of the hurricanes.

For more information about Community Disaster Loans, visit www.fema.gov/rrr/pa/fs_cdl.shtm.