2022 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Lewis
Resilient Virginia Revolving Loan Fund

Item 374 #5s

Item 374 #5s

First Year - FY2023 Second Year - FY2024
Natural and Historic Resources
Department of Conservation and Recreation FY2023 $25,000,000 FY2024 $0 GF

Page 402, line 47, strike "$464,854,272" and insert "$489,854,272".

Page 406, after line 36, insert:

"R. Out of the amounts appropriated for Dam Inventory, Evaluation and Classification and Flood Plain Management, $25,000,000 the first year from the general fund is provided for the Resilient Virginia Revolving Loan Fund established pursuant to § 10.1-603.28, Code of Virginia. Eligible projects to include: (i) home upgrades for resilience purposes, home buyouts necessary for the construction of mitigation or resilience projects, relocations, and buyout assistance for homes, all including multifamily units; (ii) gap funding related to buyouts in order to move residents out of floodplain hazard areas and restore or enhance the natural flood mitigation capacity of functioning floodplains; (iii) assistance to low and moderate income homeowners to help lower flood risk through flood insurance, structural and nonstructural mitigation projects, or other means; (iv) loans and grants to state and local governmental entities for hazard mitigation and infrastructure improvement projects; and (v) approved mitigation projects identified in the Virginia Flood Protection Master Plan or the Virginia Coastal Resilience Master Plan."


(This amendment provides $25.0 million GF in FY 2023 to establish a revolving loan fund for resilience in Virginia for property owners and government entities consistent with the provisions of legislation to be considered by the 2022 General Assembly.)