Posted: Nov 11, 2010 5:17 PM
Source: Associated Press
NEW ORLEANS - The Federal Emergency Management Agency is forgiving $10.8 million in community disaster loans to Louis Armstrong New Orleans International Airport.
New Orleans CityBusiness reports that the airport used the money for repairs after Hurricane Katrina hit in 2005.
Aviation director Iftikhar Ahmad says reducing the airport's debts means it can make the airport more attractive to airlines by reducing costs it must charge.
Immediately after the hurricane, the airport was open for medical evacuations and other emergency flights.
Armstrong has made a number of improvements since Katrina. It has received more than $10 million in grants for road and tarmac repairs since September, and in June received an A- rating on $144 million in bonds it's using to pay for construction