An Act To Provide Qualifying Downtown Businesses And Developments With Assistance Paying Flood Insurance Premiums

This bill allows Maine municipalities with downtown tax increment financing districts to use a portion of their tax increment funds to help qualifying businesses and developments cover flood insurance premiums. It specifically targets downtown businesses located in FEMA-designated floodplains that demonstrate financial need. The program is limited to using no more than 25% of a district's annual tax increment funds, and eligibility criteria are set by each municipality. The bill amends existing law to add this flood insurance assistance as a permitted use of tax increment funds.