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ME LD652
Bill
Status
4/10/2025
Primary Sponsor
David Rollins
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AI Summary
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Municipalities and plantations with downtown tax increment financing (TIF) districts may establish flood assistance programs to help businesses and developments pay flood insurance costs
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Funding for flood insurance assistance is capped at 25% of the annual tax increment allocated to the program
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Eligible recipients must be located within a FEMA-designated floodplain and demonstrate financial need for assistance
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Municipalities set specific eligibility criteria for businesses and developments seeking flood insurance support
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Administrative costs for running the flood assistance program may be covered by TIF funds
Legislative Description
An Act to Provide Qualifying Downtown Businesses and Developments with Assistance Paying Flood Insurance Premiums
Insurance
Last Action
Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)
4/10/2025