Establishes a Hazard Mitigation Revolving Loan Fund Program to assist homeowners, businesses, nonprofits, and communities in reducing disaster risks.
The bill establishes a Hazard Mitigation Revolving Loan Fund Program to provide financial assistance for projects aimed at reducing disaster risks. The Mississippi Emergency Management Agency (MEMA) will administer the program, which will help decrease loss of life, property damage, insurance costs, and federal disaster payments. The fund will be maintained in perpetuity, with unexpended amounts and interest earnings remaining in the fund. Eligible recipients include political subdivisions, public trusts, agencies, commissions, and private entities permitted by federal law.
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