New Orleans Mayor Moving Forward with $1 Billion Rebuilding Plan

Mayor Ray Nagin
Mayor Ray Nagin

New Orleans mayor Ray Nagin said Thursday he's moving forward with a $1 billion rebuilding plan, paid mostly with local and private money.

The city is focusing on redeveloping 17 targeted areas scattered around the city.

Many of the sites are centered around commercial corridors, like former shopping centers.

Showing off the new plan, the mayor and his recovery director proposed providing hundreds of millions of dollars in loans and grants to developers to rebuild small pockets of the city.

Another $740 million will be devoted to cleaning up the city.