Commerce Secretary Gutierrez Announces $9.3 Million in Disaster Recovery Grants to the State of Louisiana in the Wake of Hurricane Gustav

WASHINGTON, D.C. – September 23, 2008 – (RealEstateRama) — U.S. Secretary of Commerce Carlos M. Gutierrez today announced that the Commerce Department’s Economic Development Administration (EDA) will provide the State of Louisiana $9,313,500 in federal funds to assist with the economic recovery of communities affected by Hurricane Gustav.

“The Administration is committed to boosting Louisiana’s commerce and quality of life in the wake of Hurricane Gustav,” Gutierrez said. “This $9.3 million in Economic Development Administration funding will help Louisiana communities fortify their economic development planning efforts and provide the business development assistance and infrastructure improvements needed to build a stronger, more disaster resistant economy.”

“This $9.3 million commitment from EDA is a positive step in assisting our communities as they recover from Hurricanes Gustav and Ike, and will help expand our state’s capacity for future economic growth,” said Governor Bobby Jindal. “Of course, we have many more recovery needs at this time and we will continue to seek the assistance our communities need to help get people and businesses back on their feet.”

“The EDA has been a generous partner to the State of Louisiana, investing $35 million in more than 60 projects since 2005,” said Louisiana Economic Development Secretary Stephen Moret. “These grants have helped to create jobs and private investment. We thank the EDA and the U.S. Department of Commerce for their continued commitment to the economy and people of Louisiana.”

The investments include:

* $2.5 million to State of Louisiana Economic Development for business assistance and development;
* $1.5 million to Town of Rayville for road infrastructure;
* $1.2 million to Greater Ouachita Port Commission for port infrastructure;
* $1 million to Saint Bernard Port Commission for port infrastructure;
* $700,000 to Terrebonne Parish Port Commission for port infrastructure;
* $500,000 to Acadiana Regional Development District for Revolving Loan Fund recapitalization;
* $460,000 to Regional Business Development Loan Corporation for Revolving Loan Fund recapitalization;
* $450,000 to International Economic Development Council for technical assistance;
* $303,500 to Regional Planning Commission for disaster recovery;
* $250,000 to Tri-District Planning & Development District for Revolving Loan Fund recapitalization;
* $250,000 to UNO Foundation for university research and technology park planning;
* $200,000 to Louisiana Association of Planning & Development Districts for rural economic development assistance.

EDA is the primary Department of Commerce bureau to assist with post-disaster economic recovery—although it does not have “first responder” duties or capabilities. EDA’s mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.

EDA played an active role in previous disasters such as the Midwest Floods of 1993 and 1997, Hurricane Floyd in 2000, the Florida hurricanes of 2004, and the 2005 Gulf Coast hurricanes.

Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at: http://www.eda.gov/.