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Bill

SB 197

Virginia Community Flood Preparedness Fund; loan and grant program, deferment of interest accrual.

2026 Regular Session Introduced by Angelia Graves

SB 197 creates a Virginia Community Flood Preparedness Fund offering loans and grants for flood mitigation projects with deferred interest accrual.

Governor's recommendation received by Senate
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WeVote Research Nonpartisan
Bill Summary · SB 197

Legislative bill overview

SB 197 establishes a Virginia Community Flood Preparedness Fund that provides loans and grants to help communities implement flood mitigation and preparedness projects. The bill includes a provision allowing interest accrual to be deferred on these loans, presumably to reduce financial burden during project implementation phases.

Why is this important

Flooding causes significant property damage and disruption across Virginia, particularly in coastal and low-lying areas. By creating dedicated funding mechanisms with favorable loan terms, the bill aims to enable smaller municipalities and communities that lack capital to undertake flood resilience infrastructure without overwhelming debt service costs during construction periods.

Potential points of contention

  • Funding source unclear: The fiscal impact statement suggests implementation costs, but the bill's funding mechanism (general fund allocation vs. dedicated revenue stream) remains unspecified and will be critical to appropriations debates
  • Interest deferment implications: While reducing upfront costs, deferring interest accrual increases long-term costs and shifts burden to future budgets, raising questions about intergenerational equity and total fiscal impact
  • Eligibility and prioritization: The bill language regarding which communities qualify for grants versus loans, and how projects are prioritized among competing flood risks, is not detailed in available summaries

Compiled from official sources — confirm details with the bill’s official record.

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