Louisiana has secured a $1.5 billion, 30-year loan from the federal government that will allow the U.S. Army Corps of Engineers to bring the $14.3-billion Hurricane and Storm Damage Risk Reduction System (HSDRRS) to 100-year levels by 2011.
"While most Corps Civil Works projects are cost-shared, because of the special circumstances facing Louisiana after the devastation of Hurricane Katrina, we were able to take advantage of a rarely-used law that allows the United States to pay the full cost up front, giving the state 30 years to repay their share," says John Paul Woodley, assistant secretary of the Army for Civil Works.