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Release Date: 02/15/06 00:00:00
For Immediate Release
Office of the Press Secretary
Contact: DJ Nordquist, (202) 357-8150
February 15, 2006
BATON ROUGE -- Federal Coordinator for Gulf Coast Rebuilding Donald E. Powell released the following statement in regards to President Bush's request to Congress today for an additional $19.8 billion in funds for rebuilding the Gulf Coast in the wake of Hurricanes Katrina and Rita:
"President Bush has once again shown his commitment to the citizens of the Gulf Coast by asking Congress for an additional $20 billion in new funds to help speed recovery and aid rebuilding. The safety of the citizenry is of paramount importance, which is why the President's new package includes a second request for $1.4 billion to improve hurricane defenses, such as armoring the levees, state-of-the-art pumping stations and floodgates, as well as funds to restore the surrounding environment through wetlands restoration.
"Housing has clearly been a need that must be fulfilled so that residents can return home, which is why the President is requesting an additional $4.2 billion in Community Development Block Grant (CDBG) monies. These funds, if approved by Congress, will help Louisiana rebuild its devastated communities in a sensible manner so that we can all prevent another tragedy from occurring in the future. I have been encouraged by state and local leadership's initial plans to 'design a safer, smarter Louisiana,' in the governor's words. The grants would come in addition to the $11.5 in CDBG funds already approved by Congress for housing repair needs. These Block Grants go directly to the state and will enable leaders closest on the ground - who know the local issues best -- to administer the program directly, with strong Federal oversight from the U.S. Department of Housing and Urban Development (HUD).
In an effort to continue to get loans to both homeowners and business so they can revitalize the economy, the package includes a request of $1.25 billion for the Small Business Administration's Disaster Loan Program. After ramping up significantly, SBA has been able to give out over 60,000 loans for $4.3 billion to homeowners, renters and businesses in the declared disaster area. These new funds would enable them to continue giving out loans to those who need them."
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This page was last reviewed/modified on 02/15/06 00:00:00.