Federal Emergency Management Agency (FEMA) has proposed an amendment to its Special Community Disaster Loan (CDL) regulations to include loan forgiveness procedures and requirements.
The proposal includes procedures and requirements for governments who received Special Community Disaster Loans to apply for cancellation of loan obligations. The decision to proceed on this rulemaking now comes as a result of Secretary Napolitano's trip to the Gulf Coast earlier this month, and is part of a series of new initiatives put forth by the Department of Homeland Security to address the challenges facing the region.
View the 35 page PDF NPRM: Special Community Disaster Loans Program
For the complete DHS Press Release see the reference below.
NOTE: FEMA is seeking comments from state and local officials, as well as the public, on the proposed forgiveness procedures.Comments should be submitted under docket ID FEMA-2005-0051 at www.regulations.gov.Comments may also be submitted to FEMA-RULES@dhs.gov or by mail to FEMA’s Office of Chief Counsel, Room 835, 500 C Street, SW, Washington, D.C. 20472. Please note that comments submitted via mail typically experience a two-week delay.Please reference Docket ID FEMA-2005-0051 when submitting comments. Comments can be submitted for 60 days after the rule is published. More information regarding the proposed rule is available in the docket at http://www.regulations.gov