Bill > HB1317

This bill establishes the Hazard Mitigation Revolving Loan Fund Program, which will be administered by the Mississippi Emergency Management Agency (MEMA). The program aims to provide financial assistance through loans to eligible recipients, including political subdivisions (like counties and municipalities), public trusts, state agencies, and private entities, for projects that reduce disaster risks. These projects are intended to decrease losses of life and property, lower insurance costs, and reduce federal disaster payments, aligning with federal laws like the Robert T. Stafford Disaster Relief and Emergency Assistance Act. To participate, eligible recipients must apply to MEMA, detailing the project's purpose, the work involved, any other available funding, and the loan amount requested. MEMA will review applications and approve eligible recipients, who can then use loan proceeds for various hazard mitigation activities, including planning changes and adopting updated building codes. The program also allows political subdivisions to offer loan funds to private property owners for hazard mitigation projects on their buildings, provided the owners demonstrate a need and ability to repay. Any loan principal repaid to the state will be deposited back into a special fund called the "Hazard Mitigation Revolving Loan Fund," which is intended to be maintained indefinitely and can also receive interest, appropriations, grants, and donations. This fund will be used solely for the purposes outlined in the bill, and any federal funds within it must be used according to federal regulations.

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https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB1317.xml