H.R. 1610

Referred to Committee

State Flood Mitigation Revolving Fund Act of 2019

Introduced 3/7/2019•116th Congress•House

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Referred to the House Committee on Financial Services.

3/7/2019 • House

Summary

State Flood Mitigation Revolving Fund Act of 2019

This bill permits the Federal Emergency Management Agency (FEMA) to provide capitalization grants to states. These grants must establish revolving funds to address flood risks. Revolving funds may be used to provide (1) financial assistance to participants in the National Flood Insurance Program, including homeowners, businesses, nonprofit organizations, and local governments; or (2) support for leveraged loans or state bonds. Financial assistance may be used for elevation projects, flood-proofing activities, relocation or removal of buildings, environmental restoration, acquiring property, obtaining protective easements, and other activities identified by FEMA.

States must annually submit to FEMA a plan that identifies the intended uses of the state loan fund.

States may provide additional subsidies to low-income homeowners and recipients of financial assistance in low-income areas.

Introduced in House • 3/7/2019

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Topics & Subjects

Policy Area: Finance and Financial Sector

Building constructionDisaster relief and insuranceEmergency planning and evacuationFloods and storm protectionGovernment lending and loan guaranteesHousing finance and home ownershipLow- and moderate-income housingSecuritiesState and local finance