Today, the Speaker of the Georgia House of Representatives, Jon Burns, announced a significant financial relief measure for the state's agriculture sector following Hurricane Helene. The Georgia State Financing and Investment Commission (GSFIC) has approved a proposal to redirect $100 million in defeasance proceeds to support farmers and timber producers through the Georgia Development Authority (GDA).
Speaker Burns emphasized the importance of this initiative: "Georgia’s No. 1 industry continues to face unprecedented challenges and historic losses in the aftermath of Hurricane Helene and other severe weather events," he stated. "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 funding is part of a larger effort established under the Amended FY 2024 and FY 2025 Appropriations Bills (HB 915 and HB 916), which set up a Capital Projects Fund program for financing capital projects. Of the reallocated funds, $75 million is designated for disaster relief loans specifically targeting Georgia's agriculture industry, while $25 million will assist with timber-related clean-up efforts.
Additionally, Speaker Burns has collaborated with other regional House Speakers from Florida, Alabama, Tennessee, North Carolina, and South Carolina in appealing for federal block grants. These grants are intended to aid in recovery efforts across various sectors affected by natural disasters.
The GSFIC's approval was unanimous. Key figures present included Governor Brian Kemp as chairman, Lieutenant Governor Burt Jones as vice chairman, State Auditor Greg Griffin as secretary and treasurer, Attorney General Chris Carr, Commissioner of Agriculture Tyler Harper, and State Treasurer Steve McCoy.
The GDA board plans to convene on November 4th in Macon to vote on this proposal. More information regarding application procedures will be released soon.
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