Establishes home elevation fund and dedicates up to $5 million of realty transfer fee revenue annually for this purpose.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill establishes the Flood Protection and Home Elevation Fund, dedicated to providing reimbursement to homeowners who elevate their homes to mitigate flood damage. It allocates up to $5 million annually from realty transfer fees to this fund, which will cover 25% of a homeowner’s loan interest or $750, whichever is less. To qualify, homeowners must obtain necessary approvals and provide proof of completion. Counties must also establish a funding source for matching funds offered to homeowners.
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Sponsors
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1 on record
Primary sponsor
Joseph Pennacchio
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