Flood Relief Fund; established.

Flood Relief Fund established. Establishesthe Flood Relief Fund (the Fund), funded by reducing the allocationof Regional Greenhouse Gas Initiative (RGGI) funds to the CommunityFlood Preparedness Fund from 45 to 40 percent and allocating the fivepercent to the Fund. The Flood Relief Fund is administered by theVirginia Department of Emergency Management (VDEM) and used to makepayments to owners of property that is damaged by a flood, landslide,or mudslide for which the President declares a major disaster underthe federal Stafford Act. Under the bill, claims are paid at 175 percentof property value in a double distressed locality, 150 percent ofproperty value in a distressed locality, and 100 percent of propertyvalue in all other localities. Claims are limited to $1 million forcommercial properties and $500,000 for residential properties andare exempt from individual and corporate income tax. If there areno flood disasters, VDEM will award grants for flood prevention effortsto applicants in double distressed localities. The bill provides thatif Virginia withdraws from RGGI, $50 million of any unobligated auctionproceeds will be reallocated to the Fund from the accounts establishedfor flood preparedness and low-income energy efficiency programs.