Longer Deadline for Disaster Loan Cancellations

Longer Deadline for Disaster Loan Cancellations

Posted: Updated:
BILOXI, Miss. - With a longer deadline for federal forgiveness on Hurricane Katrina disaster loans, political entities on the Mississippi Coast are asking one last time. 

Former Bay St. Louis Mayor Eddie Favre tells the Sun Herald the deadline is now April 2014.

Biloxi recently learned that its $11 million Community Disaster Loan has been forgiven. Favre says Gulfport is now using a five-year projection to show revenue losses from the storm.

Gulfport's sales tax revenues went up 47 percent in 2006 compared with 2005, as people rebuilt from the 2005 storm. But collections decreased from 2007 through 2011, probably due to the recession, and have since been stagnant, according to the city's analysis.

Gulfport wants forgiveness of all or part of a $13 million community disaster loan, plus $3 million interest.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast rewritten or redistributed.)

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