Nov 6, 2013 5:40 PM by AP
COVINGTON, La. (AP) - U.S. Sen. Mary Landrieu delivers some good news to St. Tammany Parish.
Landrieu said Wednesday that the federal government has canceled the parish's $14.5 million in disaster loans stemming from Hurricane Katrina. Landrieu says the parish will not be responsible for $12,231,219 in principal and another $2,274,226 in interest for a total forgiveness of $14,505,445.
According to Landrieu's office, The Times-Picayune reports, the loan forgiveness by the Federal Emergency Management Agency falls under a provision the senator inserted into the 2013 Homeland Securities Appropriations bill. Her office says the provision fixes a flawed formula that prevented the cancellation of $286.7 million in loans in many southeast Louisiana communities.
St . Tammany Parish President Pat Brister says the news closes another chapter in its Katrina recovery.