[StBernard] FEMA is preparing to forgive St. Bernard Parish's $18 million Community Disaster Loan from Katrina

[Westley Annis]

St. Bernard President Craig Taffaro signs preliminary paperwork because FEMA
is preparing to forgive $18 million 

Community Disaster Loan from Katrina

 

St. Bernard Parish President Craig P. Taffaro, Jr. signed preliminary
paperwork because the Federal Emergency Management Agency has decided to
forgive the parish's $18 million Community Disaster Loan from Hurricane
Katrina. 

 

Craig Fenton, who is a Community Disaster Loan analyst working with FEMA,
told President Taffaro the process should be completed by the end of the
month with no unexpected delays. Fenton said the loan is being forgiven
because the parish experienced a $24 million operating loss for three years
after Hurricane Katrina devastated the parish. Such an operating loss under
the program's rules means the federal government can automatically forgive
the community's loan.

 

"This is yet another reflection of the successful federal/local partnership
that is needed for the community to recover from a devastating event such as
Katrina. The true credit goes to the team managing our Finance Department
who worked diligently with the auditors to satisfy the requirements to have
the loan forgiven," President Taffaro said. "Any time a community has a net
loss of $24 million in three years, it shows an incredible challenge that we
as a community continue to overcome. Even in the most difficult
circumstances, St. Bernard continues to survive and thrive."

 

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