Bill Status of HB3525 99th General Assembly
Short Description: HOME AND BUS FLOOD PROT FUND
Rep. Mike Fortner - Patricia R. Bellock, Ann M. Williams, Elizabeth Hernandez, Sue Scherer and Martin J. Moylan
| 1/10/2017||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Department of Natural Resources Act. Creates the Home and Business Flood Protection and Loan Program Fund, which shall be administered by the Department of Natural Resources. Provides that the Home and Business Flood Protection and Loan Program Fund shall be used and administered by the Department to (1) accept and retain funds from grant awards, appropriations, transfers, and payments of interest and principal, and (2) make direct loans at or below market interest rates and to provide additional subsidization, including, but not limited to, forgiveness of principal, negative interest rates, and grants, to any eligible local government unit to finance public mitigation projects that would bring relief from damage created by urban flooding. Amends the State Finance Act to create the Home and Business Flood Protection and Loan Program Fund. Effective immediately.