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2020 SESSION
20102567DBe it enacted by the General Assembly of Virginia:
1. That §§ 10.1-603.24 and 10.1-603.25 of the Code of Virginia are amended and reenacted as follows:
§ 10.1-603.24. Definitions.
As used in this article, unless the context requires a different meaning:
"Authority" means the Virginia Resources Authority.
"Cost," as applied to any project financed under the provisions of this article, means the total of all costs incurred by the local government as reasonable and necessary for carrying out all works and undertakings necessary or incident to the accomplishment of any project.
"Department" means the Virginia Department of Emergency Management.
"Fund" means the Virginia
Shoreline Resiliency Community Flood
Preparedness Fund.
"Local government" means any county, city, town, municipal corporation, authority, district, commission, or political subdivision created by the General Assembly or pursuant to the Constitution of Virginia or laws of the Commonwealth.
"Low-income geographic area" means any locality or area that has a median household income that is not greater than 80 percent of the statewide median household income.
"Nature-based solution" means an approach that reduces the effects of flood and storm events through the use of environmental processes and natural systems. A nature-based solution may provide additional benefits beyond flood control, including recreational opportunities and improved water quality.
§ 10.1-603.25. Virginia Community Flood Preparedness Fund.
A. There
shall be set apart a permanent and perpetual fund, to
be known as the Virginia
Shoreline Resiliency Community Flood
Preparedness Fund, consisting of
such any
sums that may be
appropriated to the Fund by the General Assembly, all receipts by the Fund from
loans made by it to local governments, all income from the investment of moneys
held in the Fund, and any other sums designated for deposit to the Fund from
any source, public or private. The Fund shall be administered by the Department
as prescribed in this article. The Department shall establish guidelines
regarding the distribution of loans from the Fund and
the prioritization of such loans. The Authority shall
manage the Fund and shall
establish interest rates and repayment terms of such loans as provided in this
article. The Authority may disburse from the Fund its reasonable costs and
expenses incurred in the management of the Fund.
B. Localities
shall use moneys from the Fund primarily for the purpose of creating a
low-interest loan program to help residents and
businesses inland and coastal
communities across the Commonwealth that are subject to
recurrent or repetitive flooding as
confirmed by a locality-certified floodplain manager. Moneys in the Fund may be
used to mitigate future flood damage, with priority given
to projects that implement community-scale mitigation activities and
use nature-based solutions to reduce flood risk.
C. Any locality is authorized to that operates a
low-interest loan program may
secure a loan made through such a low-interest loan
program by placing a lien up to the value of the loan against any property that
benefits from the loan. Such a
lien shall be subordinate to each prior lien on such property, except prior
liens for which the prior lienholder executes a written subordination
agreement, in a form and substance acceptable to the prior lienholder in its
sole and exclusive discretion, that is recorded in the land records where the
property is located.
D. Any locality using moneys in the Fund to provide a loan for a project in a low-income geographic area is authorized to forgive the principal of such loan. The total amount of loans forgiven by all localities in a fiscal year shall not exceed 30 percent of the amount appropriated in such fiscal year to the Fund by the General Assembly.