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2020 SESSION

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HB 751 Virginia Community Flood Preparedness Fund; low-income loans, forgiveness of principal.

Introduced by: Jerrauld C. "Jay" Jones | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Community Flood Preparedness Fund; low-income loans; forgiveness of principal. Continues the Virginia Shoreline Resiliency Fund as the Virginia Community Flood Preparedness Fund for the purpose of creating a low-interest loan program to help inland and coastal communities that are subject to recurrent flooding. Moneys from the Fund may be used to mitigate future flood damage, with priority given to projects that implement community-scale mitigation activities or use nature-based solutions. Any locality using moneys from the Fund to provide loans may also forgive the principal of such loans, with the total amount of loans forgiven by all localities not to exceed 30 percent of the total amount appropriated to the Fund in that fiscal year. This bill was incorporated into HB 22.


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