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Aug 13, 2010 5:23 PM by Melissa Canone

FEMA to Forgive $18 million Community Disaster Loan to St. Bernard Parish

CHALMETTE, La. (AP) - St. Bernard Parish President Craig Taffaro
has signed the paperwork needed by the Federal Emergency Management
Agency for the agency to forgive an $18 million Community Disaster
Loan granted after Hurricane Katrina.
According to a Friday news release, Craig Fenton, a loan analyst
working with FEMA, told Taffaro the process should be completed by
the end of the month. Fenton says the loan is being forgiven
because the parish experienced a $24 million operating loss for
three years after the storm devastated the parish. Such a loss,
under the program's rules, means the federal government can
automatically forgive the community's loan.

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