Bill Sponsor
Senate Bill 1507
115th Congress(2017-2018)
State Flood Mitigation Revolving Fund Act of 2017
Introduced
Introduced
Introduced in Senate on Jun 29, 2017
Overview
Text
Sponsor
Introduced
Jun 29, 2017
Latest Action
Jun 29, 2017
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1507
Congress
115
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
Rhode Island
Republican
Louisiana
Democrat
Massachusetts
Democrat
New Jersey
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

State Flood Mitigation Revolving Fund Act of 2017

This bill amends the National Flood Insurance Act of 1968 to permit the Federal Emergency Management Agency (FEMA) to provide capitalization grants to states to establish revolving funds to address flood risks. Revolving funds may be used to provide: (1) financial assistance to participants in the National Flood Insurance Program, including homeowners, businesses, nonprofit organizations, and local governments; or (2) support for leveraged loans or state bonds. Financial assistance may be used for elevation projects, flood-proofing activities, relocation or removal of buildings, environmental restoration, acquiring property, obtaining protective easements, and other activities identified by FEMA.

States must annually submit to FEMA a plan that identifies the intended uses of the state loan fund.

States may provide additional subsidies to low-income homeowners and recipients of financial assistance in low-income areas.

Text (1)
Actions (2)
06/29/2017
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S3862-3863)
06/29/2017
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:37:31 PM