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2024 SESSION
24101537DPatrons-- Lopez, Clark, Cousins, Henson, Martinez and Simonds; Senators: Favola and Salim
Be it enacted by the General Assembly of Virginia:
1. That §§ 10.1-603.25 and 10.1-603.29 of the Code of Virginia are amended and reenacted as follows:
§ 10.1-603.25. Virginia Community Flood Preparedness Fund; loan and grant program; Advisory Review Committee.
A. The Virginia Shoreline Resiliency Fund is hereby continued as a permanent and perpetual fund to be known as the Virginia Community Flood Preparedness Fund. All sums that are designated for deposit in the Fund from revenue generated by the sale of emissions allowances pursuant to subdivision C 1 of § 10.1-1330, all sums that may be appropriated to the Fund by the General Assembly, all receipts by the Fund from the repayment of 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, including any federal grants and awards or other forms of assistance received by the Commonwealth that are eligible for deposit in the Fund under federal law, shall be designated for deposit to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including any appropriated funds and all principal, interest accrued, and payments, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. All loans and grants provided under this article shall be deemed to promote the public purposes of enhancing flood prevention or protection and coastal resilience.
B. Moneys in the Fund shall be used solely for the purposes of enhancing flood prevention or protection and coastal resilience as required by this article. The Authority shall manage the Fund and shall establish interest rates and repayment terms of such loans as provided in this article in accordance with a memorandum of agreement with the Department. The Authority may disburse from the Fund its reasonable costs and expenses incurred in the management of the Fund. The Department shall direct distribution of loans and grants from the Fund in accordance with the provisions of subsection D.
C. The Authority is authorized at any time and from time to time to pledge, assign, or transfer from the Fund or any bank or trust company designated by the Authority any or all of the assets of the Fund to be held in trust as security for the payment of principal of, premium, if any, and interest on any and all bonds, as defined in § 62.1-199, issued to finance any flood prevention or protection project undertaken pursuant to the provisions of this article. In addition, the Authority is authorized at any time and from time to time to sell upon such terms and conditions as the Authority deems appropriate any loan or interest thereon made pursuant to this article. The net proceeds of the sale remaining after payment of costs and expenses shall be designated for deposit to, and become part of, the Fund.
D. 1. The
Fund shall be administered by the Department as prescribed in this article. The
Department, in consultation with the Secretary of Natural and Historic
Resources and, the Special Assistant to the Governor for Coastal Adaptation
and Protection, and the Advisory Review
Committee established in subdivision 3,
shall establish guidelines regarding the distribution and prioritization of
loans and grants, including loans and grants that support flood prevention or
protection studies of statewide or regional significance. A record of
each application for a grant or loan and the action taken thereon shall be
available for public inspection at the office of the Department and on a publicly
accessible website. The Department
shall post such applications within 15 calendar
days of the grant or loan round application deadline.
2. The Department shall develop and provide an opportunity for a 30-day public comment period prior to each new grant offering to solicit feedback on proposed revisions to the Virginia Community Flood Preparedness Grant Manual.
3. The Director shall convene an Advisory Review Committee, hereinafter referred to as the Committee, to assist in the distribution of loans and grants from the Fund. The Committee shall review applications to the Fund and make recommendations on the disbursement of moneys from the Fund and any other appropriate issues to the Department, the Secretary of Natural and Historic Resources, and the Special Assistant to the Governor for Coastal Adaptation and Protection. The Committee shall include representatives from the Virginia Department of Emergency Management, the Virginia Department of Housing and Community Development, the Virginia Resources Authority, the Virginia Department of Environmental Quality Coastal Zone Management program, an institution of higher education in the Commonwealth, the Virginia Director of the Chesapeake Bay Commission, a nonprofit group engaged in resilience efforts, the agriculture industry, the manufacturing industry, and others as the Director deems necessary. Appointed members of the Committee shall serve without compensation.
E. Localities shall use moneys from the Fund primarily for the purpose of implementing flood prevention and protection projects and studies in areas that are subject to recurrent flooding as confirmed by a locality-certified floodplain manager. Moneys in the Fund may be used to mitigate future flood damage and to assist inland and coastal communities across the Commonwealth that are subject to recurrent or repetitive flooding. No less than 25 percent of the moneys disbursed from the Fund each year shall be used for projects in low-income geographic areas. Priority shall be given to projects that implement community-scale hazard mitigation activities that use nature-based solutions to reduce flood risk.
F. Any locality is authorized to secure a loan made pursuant to this section 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.
G. 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. If a locality forgives the principal of any such loan, any obligation of the locality to repay that principal to the Commonwealth shall not be forgiven and such obligation shall remain in full force and effect. 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.
§ 10.1-603.29. Resilient Virginia Revolving Fund; Advisory Review Committee.
A. There shall be set apart as a permanent and perpetual fund, to be known as the "Resilient Virginia Revolving Fund," sums appropriated to the Fund by the General Assembly, sums allocated to the Commonwealth for resilience purposes through the federal government, 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 and managed by the Authority as prescribed in this article, subject to the right of the Department, following consultation with the Authority, the Secretary of Natural and Historic Resources, and the Advisory Review Committee established in subsection B, to direct the distribution of loans or grants from the Fund to particular local governments and to establish the interest rates and repayment terms of such loans as provided in this article. A portion of the Fund shall be reserved to hold money that is allocated only for the hazard mitigation of buildings and that shall not be available for other uses. In order to carry out the administration and management of the Fund, the Authority is granted the power to employ officers, employees, agents, advisers, and consultants, including, without limitation, attorneys, financial advisers, engineers, and other technical advisers and public accountants and, the provisions of any other law to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality. The Authority may disburse from the Fund its reasonable costs and expenses incurred in the administration and management of the Fund and a reasonable fee to be approved by the Department for its management services. The Authority may provide a portion of that fee to the Department to cover the Department's costs and expenses in administering the Fund.
B. 1. A record of each application for a grant or loan and the action taken thereon shall be available for public inspection at the office of the Department and on a publicly accessible website. The Department shall post such applications within 15 calendar days of the grant or loan round application deadline.
2. The Department shall provide an opportunity for a 30-day public comment period prior to each new loan offering to solicit feedback on proposed revisions to the Resilient Virginia Revolving Loan Manual.
3. The Director shall convene an Advisory Review Committee, hereinafter referred to as the Committee, to assist in the distribution of loans and grants from the Fund. The Committee shall review applications to the Fund and make recommendations on the disbursement of moneys from the Fund and any other appropriate issues to the Department and the Secretary of Natural and Historic Resources. The Committee shall include representatives from the Virginia Department of Emergency Management, the Virginia Department of Housing and Community Development, the Virginia Resources Authority, the Virginia Department of Environmental Quality Coastal Zone Management program, an institution of higher education in the Commonwealth, the Virginia Director of the Chesapeake Bay Commission, and others as the Director deems necessary. Appointed members of the Committee shall serve without compensation.