[StBernard] Legislature Approves Governor Blanco, LRA Funding Request for Infrastructure, Economic Development a

[Westley Annis]

Legislature Approves Governor Blanco, LRA Funding Request for Infrastructure, Economic Development and Tourism Programs

Funding Moves to HUD for Final Approval

BATON ROUGE, La. (August 11, 2006) - The Louisiana Legislature today approved several funding requests put forth by Governor Kathleen Babineaux Blanco and the Louisiana Recovery Authority (LRA) related to programs for infrastructure, economic development and tourism. The programs now move to the US Department of Housing and Urban Development (HUD) for final approval. 

"We applaud the Legislature for its quick action on these important initiatives," said LRA Chairman Dr. Norman C. Francis. "This endorsement puts us on track to rebuild key areas of the community and Louisiana's economy. With HUD's final approval, we will have the resources we need to rebuild our schools, provide training for our workforce and provide critical assistance to small businesses."

The Legislature approved funding requests including: 

*	$300 million for local government emergency infrastructure including hospitals, public water systems and airports 
*	$200 million to repair primary and secondary schools with projects that are in-eligible for FEMA reimbursement
*	$95 million for a Long Term Recovery Loan Program to leverage an estimated $550 million in funding for fixed assets, equipment, and working capital; 
*	$38 million for a Small Firm Recovery Loan and Grant Program targeting firms that do not qualify for conventional financing and/or loans from the Small Business Administration; 
*	$28.5 million for a Louisiana Tourism Recovery Program to revive the second largest industry in the state, in terms of employment; and 
*	$9.5 million to provide technical assistance to small firms seeking to recover in a changed, post-storms marketplace or to start new businesses in the impacted communities.

The Legislature's approval comes after the LRA's endorsement and Governor Blanco's approval. The action plans were also made available for public comment. As a final step in the process, the requests for funding now move to HUD. 

Hurricanes Katrina and Rita devastated South Louisiana, destroying more than 200,000 homes and 18,000 businesses. The Louisiana Recovery Authority (LRA) is the planning and coordinating body that was created in the aftermath of these storms by Governor Kathleen Babineaux Blanco to lead one of the most extensive rebuilding efforts in the world. The LRA is a 33-member body which is coordinating across jurisdictions, supporting community recovery and resurgence, ensuring integrity and effectiveness, and planning for the recovery and rebuilding of Louisiana.

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