Virginia legislation · 2026 Regular Session
Virginia SB197: An Act to amend and reenact § 10.1-603.25 of the Code of Virginia, relating to Virginia Community Flood Preparedness Fund; loan and grant program; deferment of interest accrual and repayment obligations.
Status: Chaptered, April 22, 2026
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 or cancellation of the project or study for which such funds are disbursed. This bill is a recommendation of the Joint Subcommittee on Recurrent Flooding.
What the bill says
An Act to amend and reenact § 10.1-603.25 of the Code of Virginia, relating to Virginia Community Flood Preparedness Fund; loan and grant program; deferment of interest accrual and repayment obligations. [S 197] Approved April 22, 2026 1. That § 10.1-603.25 of the Code of Virginia is amended and reenacted as loan and grant program. A. The Virginia Community Flood Preparedness Fund is hereby established as a permanent and perpetual fund. All sums that are designated for deposit in the Fund from revenue generated by the sale of emissions allowances pursuant to subdivision C 1 of § 10.1-1330, all.
From the enrolled text, April 22, 2026:
An Act to amend and reenact § 10.1-603.25 of the Code of Virginia, relating to Virginia Community Flood Preparedness Fund; loan and grant program; deferment of interest accrual and repayment obligations. [S 197] Approved April 22, 2026 1. That § 10.1-603.25 of the Code of Virginia is amended and reenacted as loan and grant program. A. The Virginia Community Flood Preparedness Fund is hereby established as a permanent and perpetual fund. All sums that are designated for deposit in the Fund from revenue generated by the sale of emissions allowances pursuant to subdivision C 1 of § 10.1-1330, all sums that may be appropriated to the Fund by the General Assembly, all receipts by the Fund from the repayment of loans made by it to local governments, federally recognized tribes, and Virginia recognized tribes, all income from the investment of moneys held in the Fund, and any other sums designated for deposit to the Fund from any source, public or private, including any federal grants and awards or other forms of assistance received by the Commonwealth that are eligible for deposit in the Fund under federal law, shall be designated for deposit to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including any …