The Georgia State Financing and Investment Commission approved a proposal redirecting $100 million in defeasance proceeds to the Georgia Development Authority to support Georgia farmers and timber producers.
The amended fiscal 2024 and fiscal 2025 budgets, codified by House Bill 915 and House Bill 916, established a Capital Projects Fund program to provide direct cash appropriations to GSFIC for financing capital projects.
At a Friday meeting, the GSFIC unanimously agreed to reallocate $100 million of those funds to the GDA for a new disaster relief measure. Of the $100 million, $75 million will be provided to disaster relief loans for Georgia’s agriculture industry, and $25 million will support timber-related clean-up efforts and debris removal.
“Georgia’s No. 1 industry continues to face unprecedented challenges and historic losses in the aftermath of Hurricane Helene and other severe weather events,” Speaker of the Georgia House of Representatives, Jon Burns, R-Newington, said in a release. “This measure will provide necessary financial relief to farmers and foresters as we continue to work alongside our federal partners to secure every available asset and resource for the Georgians impacted by this disaster.”
Burns previously joined House speakers from Florida, Alabama, Tennessee, North Carolina and South Carolina to urge Congress to provide federal relief funds. Relief would have been delivered via three block grants to support the recovery of the agriculture industry, private businesses and citizens and severely damaged infrastructure.
