MS HB1398

Transfers administration of the Emergency Aid to Local Governments Loan and Grant Program from the Department of Finance and Administration to the Mississippi Emergency Management Agency (MEMA).

Expands program eligibility to include governmental entities needing nonfederal matching funds for Federal Emergency Management Agency grants, in addition to those suffering revenue losses from natural disasters.

Reduces the revenue loss threshold for loan and grant eligibility from 25% to 20% of governmental fund type revenues in the fiscal year prior to the natural disaster.

Establishes that loans for nonfederal FEMA matching funds cannot exceed 100% of the projected match amount, with grants capped at $3 million individually and $25 million aggregate per disaster.

Takes effect July 1, 2014.