An Act establishing a flood mitigation and preparedness program

This bill establishes the Flood Mitigation and Preparedness Fund to provide grants and loans to local governments for flood reduction projects. Administered by the Secretary of Energy and Environmental Affairs, the fund will finance specific actions such as elevating buildings, installing flood vents, and raising vulnerable utilities, as well as cover administrative costs and community education efforts. Money in the fund will not return to the state budget at the end of each fiscal year but will remain available for future use. The program specifically targets 1-4 family residences located in designated special flood hazard areas that meet eligibility criteria defined by the National Flood Insurance Program.