Virginia Community Flood Preparedness Fund; loan and grant program.

Virginia Community Flood Preparedness Fund; loan and grant program. Continues the Virginia Shoreline Resiliency Fund as the Virginia Community Flood Preparedness Fund, providing that the Fund shall include all sums that are deposited from revenue generated by the sale of emissions allowances and are designated to assist localities affected by recurrent flooding, sea level rise, and flooding from severe weather events. The bill directs the Virginia Resources Authority to manage the Fund and the Department of Conservation and Recreation to administer the Fund. The measure authorizes the Authority to manage the Fund in accordance with a memorandum of agreement with the Department and to pledge the assets of the Fund as security for any bonds issued to finance flood prevention or protection projects. The bill authorizes localities to lend or grant money from the Fund to implement flood prevention and protection projects and studies, requiring that at least 25 percent of the money disbursed from the Fund each year be used for projects in low-income geographic areas. The measure also authorizes any locality to forgive the principal of a loan it grants in a low-income geographic area so long as the total amount of loans forgiven by all localities does not exceed 30 percent of the amount appropriated to the Fund during the fiscal year. The bill provides that any locality that forgives such a loan remains obligated to pay the principal to the Commonwealth. This bill incorporates HB 751 and is identical to SB 320.