FEMA forgives Hurricane Ike loan

Print
Email
|

by John Wayne Ferguson/ The Daily News

khou.com

Posted on August 21, 2013 at 12:46 PM

GALVESTON — The Federal Emergency Management Agency has informed the city that it will forgive a $5 million loan made to Galveston after Hurricane Ike.

The cancellation means that the city will not have to pay back the principal or accrued interest from the Community Disaster Loan it received in 2009.

The loan was given in the city to help ease a cash flow crisis caused by the hurricane.

Payments were scheduled to begin five years after the loan was awarded on Feb. 13, 2009, and came with a 1.75 percent interest rate.

Click here to read more at the Galveston County Daily News.

Print
Email
|