Hurricane Michael’s damage has impacted many areas, but there may be ways to ease the resulting financial burden on communities.
Last week, in light of the damage and devastation caused by Hurricane Michael, the Florida Department of Environmental Protection announced that it would suspend up to $12 million in water infrastructure loan payments and interest accrual. This means that certain communities impacted by Hurricane Michael may be able to have these wastewater or drinking water loan expenses suspended for up to two years. This will allow cities and counties in the affected areas to use their resources and funding to focus on repairs and pressing needs created by the hurricane. The Department will directly contact communities that qualify in order to offer the suspension of these payments. Florida’s Department of Environmental Protection has also contributed grant funding to the Florida Rural Water Association, and it is also providing grant funding and loans from its own Division of Water Restoration Assistance for projects that will better Florida’s water resources.
Being able to temporarily suspend loan payments and potentially receive grants or loans for water projects could create substantial financial relief for communities recovering from recent hurricane devastation. According to the Department’s release, “’The health and safety of our communities continues to be our top priority,’ said DEP Secretary Noah Valenstein. ‘Suspending these loan repayments will keep $12 million in these local communities to help them quickly rebuild and recover.’” You can access the original release from the Florida Department of Environmental Protection here.
To learn more about how these relief efforts could impact your financial status, how you can participate in this opportunity or your finances after Hurricane Michael, please contact your Warren Averett advisor. You can also access more information about casualty losses in light of Hurricane Michael and other relevant resources in Warren Averett’s Insights blog.