Sea Level Rise Revolving Loan Program.

Existing law establishes in state government the Ocean Protection Council. Existing law requires the council to, among other things, establish policies to coordinate the collection, evaluation, and sharing of scientific data related to coastal and ocean resources among agencies. Existing law establishes the State Coastal Conservancy with prescribed powers and responsibilities for implementing and administering various programs intended to preserve, protect, and restore the state's coastal areas. This bill would require the council, in consultation with the conservancy, to develop the Sea Level Rise Revolving Loan Program for purposes of providing low-interest loans to local jurisdictions for the purchase of coastal properties in their jurisdictions identified as vulnerable coastal property, as provided. The bill would require the council, before January 1, 2023, in consultation with other state planning and coastal management agencies, as provided, to adopt criteria and guidelines for the program. The bill would authorize specified local jurisdictions to apply for, and be awarded, a low-interest loan under the program from the conservancy if the local jurisdiction develops and submits to the conservancy a vulnerable coastal property plan and completes all other requirements imposed by the conservancy. The bill would require the conservancy to review the plans to determine whether they meet the required criteria and guidelines for vulnerable coastal properties to be eligible for participation in the program. The bill would establish the Sea Level Rise Revolving Loan Fund, to be administered by the conservancy, for purposes of providing, upon appropriation, the low-interest loans to eligible local jurisdictions, as provided. The bill would also require that loan repayments, fees, interest, and penalties be deposited in the fund for specified uses, upon appropriation by the Legislature, including for additional loans authorized under the program. The bill would make the bill's provisions contingent upon an appropriation by the Legislature for its purposes.