MS HB245

Establishes a Hazard Mitigation Revolving Loan Fund Program administered by the Mississippi Emergency Management Agency (MEMA) to provide loans for projects reducing disaster risks for homeowners, businesses, nonprofits, and communities.

Defines eligible recipients as political subdivisions, public trusts, agencies, commissions, or private entities permitted by federal law, with applicants required to submit detailed applications including project descriptions, funding sources, and loan amounts requested.

Creates a special perpetual fund in the State Treasury consisting of loan repayments, interest earnings, appropriations, bonds, grants, and other public or private donations, with unexpended amounts not lapsing into the General Fund.

Permits political subdivisions to offer loan funds to private property owners for hazard mitigation projects, with property owners demonstrating need and repayment ability; upon property sale, outstanding loan principal must be repaid unless the purchaser assumes the loan.

Authorizes MEMA to establish application procedures, eligibility criteria, and promulgate rules necessary for program implementation in accordance with Mississippi Administrative Procedures Law.