Bill > S376

Introduced Session

This bill would establish a special, non-lapsing fund within the Department of Environmental Protection to be known as the "Flood Protection and Home Elevation Fund." Monies in the fund would be used to reimburse a homeowner who undertakes a home elevation project for 25 percent of the annual interest payment made by the homeowner on a loan to finance the home elevation project, or $750, whichever is less. However, a homeowner will only be reimbursed if the county in which the home elevation project takes place agrees to provide matching funds in the same amount. In order to qualify for reimbursement, a homeowner would first need to obtain all necessary State and local zoning and land use approvals for the home elevation project, as well as approval from the financing institution for any loan taken to finance the project. The homeowner would then apply to the State and county for reimbursement. No payment would be made by the State to the homeowner until the home elevation is complete and proof of completion has been submitted to the department. A qualifying homeowner would be eligible to reapply to the State and county for reimbursement during each year the homeowner pays interest on a loan taken to finance the home elevation project. The bill would dedicate up to $5 million of the State share of the realty transfer fee annually to the "Flood Protection and Home Elevation Fund." The fund would also be credited with all interest and other income received from the investment of money in the fund. However, the bill provides that no money would be credited to the fund unless $25 million of the State share of the realty transfer fee has first been credited to the "Shore Protection Fund," and $5 million of the State share of the realty transfer fee has been credited to the "Highlands Protection Fund," both of which are required by current law. Finally, the bill provides that, before a county can provide matching funds to homeowners for home elevation projects, the county must first establish a source of funding, which may include, but need not be limited to, the county share of the realty transfer fee or county open space trust funds. The bill would amend the county open space trust fund law to explicitly allow counties to use trust funds for home elevation projects pursuant to this bill.

AI Summary

Committee Categories

Joe Pennacchio (R)*, 

Introduced in the Senate, Referred to Senate Environment and Energy Committee (on 01/09/2024)

Official Document