VA SB197

Amends the Virginia Community Flood Preparedness Fund to defer interest accrual and repayment obligations on loans and grants until the completion of the funded project or study

The Fund provides loans and grants to localities, federally recognized tribes, and Virginia recognized tribes for flood prevention, protection projects, and resilience studies

At least 25% of funds disbursed annually must support projects in low-income geographic areas, with priority given to nature-based solutions for flood risk reduction

Localities and tribes may place liens on properties benefiting from loans and may forgive loan principal for low-income area projects, though repayment obligations to the Commonwealth remain

An Advisory Review Committee including representatives from multiple state agencies, nonprofits, and industry groups reviews applications and recommends fund disbursements