N.O. Firms to Administer $750m in Storm Reimbursement Loans

Summary

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A pair of New Orleans investment firms will administer $750 million in storm expense reimbursement loans for cash-strapped governments and nonprofits that have emptied their own pockets since 2005's hurricanes.

The Louisiana Public Facilities authority has authorized Hattier, Sanford & Reynoir and Cypress Capital to implement a lending program that allows borrowing governments and nonprofits will repay loans with their Federal Emergency Management Agency reimbursements. The Louisiana Bond Commission approved LPFA's request Dec. 28 to borrow $500 million for loans to political subdivisions and $250 million for nonprofits.

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N.O. Firms to Administer $750m in Storm Reimbursement Loans

While cities and towns wait for...

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