HB 794

            
2020 SESSION

20102530D

HOUSE BILL NO. 794


Offered January 8, 2020


Prefiled January 7, 2020

A BILL to amend the Code of Virginia by adding in Chapter 6 of 
 Title 10.1 an article numbered 1.4, consisting of a section numbered 10.1-603.28, 
 relating to flood insurance fund; low-income Virginians.
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Patrons-- Askew, Carroll Foy, Guy, Heretick, Jenkins, Jones, Mugler,
Mullin and Ward


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Referred to Committee on Agriculture, Chesapeake and Natural Resources

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Be it enacted by the General Assembly of Virginia:
 
 
1. That the Code of Virginia is amended by adding in Chapter 
 6 of Title 10.1 an article numbered 1.4, consisting of a section numbered 10.1-603.28, 
 as follows:
 
 
Article 1.4.
 
 
Flood Insurance Fund.
 
 
� 10.1-603.28. Flood 
 Insurance Fund.
 
 
A. As 
 used in this article, unless the context requires a different meaning:
 
 
"Authority" 
 means the Virginia Resources Authority created in Chapter 21 (� 62.1-197 et 
 seq.) of Title 62.1.
 
 
"Board" 
 means the Board of Directors of the Virginia Resources Authority.
 
 
"Director" 
 means the Executive Director of the Board of Directors of 
 the Virginia Resources Authority.
 
 
"Flood 
 insurance" means flood insurance 
 provided through the National Flood Insurance Program.
 
 
"Low-income 
 Virginian" means a resident of the 
 Commonwealth whose familys annual household income does not 
 exceed 300 percent of the current poverty guidelines.
 
 
B. There 
 is hereby created in the state treasury a special nonreverting fund to be known 
 as the Flood Insurance Fund, referred to in 
 this section as "the Fund." The Fund shall be established on the 
 books of the Comptroller. All funds appropriated for such purpose and any 
 gifts, donations, grants, bequests, and other 
 funds received on its behalf, including any 
 federal grants, awards, or 
 other forms of assistance received by the Commonwealth that are eligible for 
 deposit in the Fund under federal law, 
 shall be paid into the state treasury and credited 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 interest thereon, at the end of each 
 fiscal year shall not revert to the general fund but shall remain in the Fund. 
 Moneys in the Fund shall be used solely for the purpose of 
 subsidizing the purchase of flood insurance by low-income Virginians as 
 provided in subsection C. 
 Expenditures and disbursements from the Fund shall be made by the State 
 Treasurer on warrants issued by the Comptroller upon written request signed by the 
 Director or another officer or employee of the Authority designated 
 by the Board.
 
 
C. 
 The Director shall establish a program to expend 
 moneys from the Fund to subsidize 
 the purchase of flood insurance by low-income Virginians. Such 
 program shall include an application process, application 
 guidelines, and a ranking system 
 that prioritizes the use of the Fund to 
 support the purchase of flood insurance in 
 the most flood-prone areas.