Flood Relief Fund; established. (HB5)

Introduced By

Del. Will Morefield (R-North Tazewell) with support from co-patron Sen. Travis Hackworth (R-Richlands)

Description

Flood Relief Fund established. Establishes the Flood Relief Fund (the Fund), funded by reducing the allocation of Regional Greenhouse Gas Initiative (RGGI) funds to the Community Flood Preparedness Fund from 45 to 40 percent and allocating the five percent to the Fund. The Flood Relief Fund is administered by the Virginia Department of Emergency Management (VDEM) and used to make payments to owners of property that is damaged by a flood, landslide, or mudslide for which the President declares a major disaster under the federal Stafford Act. Under the bill, claims are paid at 175 percent of property value in a double distressed locality, 150 percent of property value in a distressed locality, and 100 percent of property value in all other localities. Claims are limited to $1 million for commercial properties and $500,000 for residential properties and are exempt from individual and corporate income tax. If there are no flood disasters, VDEM will award grants for flood prevention efforts to applicants in double distressed localities. The bill provides that if Virginia withdraws from RGGI, $50 million of any unobligated auction proceeds will be reallocated to the Fund from the accounts established for flood preparedness and low-income energy efficiency programs. Read the Bill »

Outcome

History