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

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SESSION history | hilite | pdf | print version 20106847D HOUSE BILL NO.

751 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the House Committee on Agriculture, Chesapeake and Natural Resources on January 29, 2020) (Patron Prior to Substitute--Delegate Jones) A BILL to amend and reenact §§ 10.1-603.24 and 10.1-603.25 of the Code of Virginia, relating to Virginia Community Flood Preparedness Fund;

loans.

Be 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:

Article 1.3.

Virginia Shoreline Resiliency Community Flood Preparedness Fund.

§ 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 Conservation and Recreation.

"Flood prevention or protection project" means the construction of a hazard mitigation project, acquisition of land, or implementation of land use controls that reduce or mitigate damage from coastal or riverine flooding.

"Flood prevention or protection study" means the conduct of a hydraulic or hydrologic study of a flood plain with historic and predicted floods, the assessment of flood risk, and the development of strategies to prevent or mitigate damage from coastal or riverine flooding.

"Fund" means the Virginia Shoreline Resiliency Community Flood Preparedness Fund created pursuant to § 10.1-603.25.

"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 community within a locality, that has a median household income that is not greater than 80 percent of the state median household income, or any area in the Commonwealth designated as a qualified opportunity zone by the U.S.

Department of the Treasury and the Internal Revenue Service.

"Nature-based solution" means an approach that reduces the impacts 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;

loan and grant program.

There shall be set apart a permanent and perpetual fund, to be known as the A.

The Virginia Shoreline Resiliency Fund, consisting of such is hereby continued in the state treasury as a special nonreverting fund to be known as the Virginia Community Flood Preparedness Fund.

The Fund shall be established on the books of the Comptroller.

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 paid into the state treasury and credited 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 interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund.

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 prioritization of such loans.

B.