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VA SB197
VA SB197Virginia Community Flood Preparedness Fund; loan and grant program, deferment of interest accrual.
summary
Introduced
01/09/2026
01/09/2026
In Committee
02/25/2026
02/25/2026
Crossed Over
03/02/2026
03/02/2026
Passed
Dead
Introduced Session
2026 Regular Regular Session
Bill Summary
Virginia Community Flood Preparedness Fund; loan and grant program; deferment of interest accrual and repayment obligations. Provides that for funds disbursed to localities, federally recognized tribes, and Virginia recognized tribes primarily for the purpose of implementing flood prevention and protection projects and studies in areas that are subject to recurrent flooding, interest on loans shall not accrue and repayment obligations shall not come into effect for loans or grants until completion of the project or study for which such funds are disbursed. This bill is a recommendation of the Joint Subcommittee on Recurrent Flooding.
AI Summary
This bill modifies the Virginia Community Flood Preparedness Fund, which provides loans and grants to localities, federally recognized tribes, and Virginia recognized tribes for flood prevention and protection projects and studies, especially in areas prone to recurrent flooding. Specifically, for funds disbursed for these purposes, the bill inserts language stating that interest on loans will not start accruing, and repayment obligations for both loans and grants will not begin, until the project or study for which the funds were given is completed. This change is a recommendation from the Joint Subcommittee on Recurrent Flooding.
Committee Categories
Agriculture and Natural Resources, Budget and Finance
Sponsors (1)
Last Action
Passed House (99-Y 0-N 0-A) (on 03/02/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/SB197 |
| Fiscal Note/Analysis - Fiscal Impact Statement from Department of Planning and Budget (SB197) | https://lis.blob.core.windows.net/files/1096534.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/SB197/text/SB197 |
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