Jackson Co. to repay federal disaster loan
Published 1:16 pm Thursday, November 4, 2010
Jackson County will have to pay back most of the $10.5 million the federal government loaned it in the months after Katrina, when the area was so hard hit. An analyst decided this year that based on losses the county suffered in the three years after Katrina, $2.8 million of the loan will be forgiven.That leaves more than $7 million to pay back plus most of the $1.1 million in interest that the loan has accrued in the last five years.
Payments must start next month.
Members of the Board of Supervisors complained Monday that while the federal government is now demanding payment for the Community Disaster loan, FEMA has failed to reimburse the county for more than $7 million in Katrina-related expenditures.