Bill Text: VA HB22 | 2020 | Regular Session | Prefiled

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Virginia Community Flood Preparedness Fund; loan and grant program.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2020-04-22 - Governor: Acts of Assembly Chapter text (CHAP1199) [HB22 Detail]

Download: Virginia-2020-HB22-Prefiled.html
Offered January 8, 2020
Prefiled November 19, 2019
A BILL to amend and reenact §10.1-603.25 of the Code of Virginia, relating to Virginia Shoreline Resiliency Fund; grant program.
Patron-- Lindsey
Committee Referral Pending

Be it enacted by the General Assembly of Virginia:

1. That §10.1-603.25 of the Code of Virginia is amended and reenacted as follows:

§10.1-603.25. Virginia Shoreline Resiliency Fund.

There shall be set apart a permanent and perpetual fund, to be known as the Virginia Shoreline Resiliency Fund, consisting of such 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 grants from the Fund and prioritization of such loans to localities. The Authority shall manage the Fund and shall establish interest rates and repayment terms of such loans grants as provided in this article. The Authority may disburse from the Fund its reasonable costs and expenses incurred in the management of the Fund.

Localities shall use moneys grants from the Fund primarily for the purpose of creating a low-interest loan program cost-sharing programs to help residents and businesses 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.

Any locality is authorized to 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.