Covering Louisiana

Nov 6, 2013 5:40 PM by AP

Landrieu: Feds cancel St. Tammany's disaster loans

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.

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