CODE OF VIRGINIA

VIRGINIA SHORELINE RESILIENCY FUND (§ 10.1-603.25)

There shall be set apart a permanent and perpetual fund, to be known as the
Virginia Shoreline Resiliency Fund, consisting of such sums that may be
appropriated to the Fund by the General Assembly, all receipts by the Fund from
loans made by it to local governments, 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. The Fund shall be administered by the Department as
prescribed in this article. The Department shall establish guidelines regarding
the distribution of loans from the Fund and prioritization of such loans. The
Authority shall manage the Fund and shall establish interest rates and repayment
terms of such loans as provided in this article. The Authority may disburse from
the Fund its reasonable costs and expenses incurred in the management of the
Fund.Localities shall use moneys from the Fund primarily for the purpose of
creating a low-interest loan program to help residents and businesses that are
subject to recurrent flooding as confirmed by a locality-certified floodplain
manager. Moneys in the Fund may be used to mitigate future flood damage.Any
locality is authorized to secure a loan made through such a low-interest loan
program by placing a lien up to the value of the loan against any property that
benefits from the loan. Such a lien shall be subordinate to each prior lien on
such property, except prior liens for which the prior lienholder executes a
written subordination agreement, in a form and substance acceptable to the prior
lienholder in its sole and exclusive discretion, that is recorded in the land
records where the property is located.

HISTORY: 2016, c. 762.