ATLANTA – Today, Speaker of the Georgia House of Representatives, Jon Burns (R-Newington), announced new measures to provide critical relief for Georgia’s agriculture industry in the aftermath of Hurricane Helene. At a meeting held on Friday morning, the Georgia State Financing and Investment Commission (GSFIC) approved a proposal redirecting $100 million in defeasance proceeds to the Georgia Development Authority (GDA) to provide financial support to Georgia farmers and timber producers.
“Georgia’s No. 1 industry continues to face unprecedented challenges and historic losses in the aftermath of Hurricane Helene and other severe weather events,” said Speaker Jon Burns. “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.”
The Amended FY 2024 and the FY 2025 Appropriations Bills (HB 915 and HB 916) established a Capital Projects Fund program to provide direct cash appropriations to GSFIC for the purpose of financing capital projects. At today’s meeting, a proposal was submitted and approved 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 provide support for timber related clean-up efforts and debris removal.
In addition to this reallocation of funds, Speaker Jon Burns previously joined his fellow Speakers of the House from Florida, Alabama, Tennessee, North Carolina and South Carolina in urging Congressional leaders to provide federal relief funds in the form of three simultaneously approved block grants to support the recovery of the agriculture industry, private businesses and citizens and severely damaged infrastructure. Historically, the distribution of these block grants to affected states has allowed swift and efficient allocation of funds to the communities and individuals facing the greatest need. Speaker Burns will continue working closely with Georgia’s Congressional Delegation to secure the resources our farmers, communities and citizens need to rebuild.
Today’s proposal was unanimously approved by the GSFIC. Along with Speaker Burns, other participants included chairman Governor Brian Kemp, vice chairman Lieutenant Governor Burt Jones, secretary and treasurer State Auditor Greg Griffin, Attorney General Chris Carr, Commissioner of Agriculture Tyler Harper and State Treasurer Steve McCoy.
The GDA board will meet on Monday, November 4, 2024, in Macon, Georgia to vote on the proposal. Further details about the application and distribution process are forthcoming.
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