S.1507 - State Flood Mitigation Revolving Fund Act of 2017115th Congress (2017-2018)
|Sponsor:||Sen. Reed, Jack [D-RI] (Introduced 06/29/2017)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||06/29/2017 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S3862-3863) (All Actions)|
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Summary: S.1507 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (06/29/2017)
State Flood Mitigation Revolving Fund Act of 2017
This bill amends the National Flood Insurance Act of 1968 to permit the Federal Emergency Management Agency (FEMA) to provide capitalization grants to states to establish revolving funds to address flood risks. Revolving funds may be used to provide: (1) financial assistance to participants in the National Flood Insurance Program, including homeowners, businesses, nonprofit organizations, and local governments; or (2) support for leveraged loans or state bonds. Financial assistance may be used for elevation projects, flood-proofing activities, relocation or removal of buildings, environmental restoration, acquiring property, obtaining protective easements, and other activities identified by FEMA.
States must annually submit to FEMA a plan that identifies the intended uses of the state loan fund.
States may provide additional subsidies to low-income homeowners and recipients of financial assistance in low-income areas.