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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | February 7, 2013 12:05 PM |
|---|---|
| From: | Senator Vincent J. Hughes |
| To: | All Senate members |
| Subject: | Co-Sponsorship Memorandum – Homeowner and Small Business Flood Control and Prevention Loan Program |
| In the near future, I will be introducing legislation to create a Homeowner and Small Business Flood Control and Prevention Loan Program. This revolving loan program will be administered by the Commonwealth Financing Authority and provide low interest loans to homeowners and small businesses (i.e., 50 employees or less) to cover costs associated with the purchase and installation of products that will mitigate or alleviate the impacts of future flooding on their properties. Loans will capped at $10,000, with an interest rate not to exceed 3%. The CFA also will be authorized to award up to $1 million of the available funds in grants for low-income applicants. Funding for the program will come from a $10 million transfer from the funds available for Second Stage Loan Program, also administered by the CFA. The Second Stage Loan Program currently has over $47,000,000 in funding available. As we all know, numerous areas of the Commonwealth were devastated by flooding in 2011 due to Hurricane Irene and Tropical Storm Lee. Property damage from those storms measured in the hundreds of millions of dollars. Yet not included in this calculation is the additional property damage that many of our homeowners and business owners see as a result of flash flooding that occurs during violent rainstorms. These flooding events are often just as disastrous as a major weather event, yet occur more often. By encouraging property owners to be proactive and assisting them in taking steps to “flood-proof” their homes and businesses, we can potentially mitigate damage from future flooding events and provide our residents with peace of mind that their homes are adequately protected. Please join me in co-sponsoring this legislation. This bill is similar to SB 1401 of the 2011-12 session, with the only change being the funding source. Co-sponsors of SB 1401 were YUDICHAK, FONTANA, ERICKSON, FARNESE, SOLOBAY, SCHWANK, WASHINGTON AND FERLO. |
Introduced as SB673