The bill, HB 595-FN, amends existing laws to enhance flood resiliency within the frameworks of the Commercial Property Assessed Clean Energy (C-PACE) and Residential Property Assessed Clean Energy (R-PACE) programs. It introduces "flood resilience" into the definition of "district" and establishes "flood resiliency improvement" as a qualifying improvement, which encompasses measures like raising structures above flood levels and constructing flood diversion systems. Municipalities are granted the authority to offer property tax abatements or assessment freezes for property owners undertaking these improvements, and they can impose fees on properties in designated flood resilience zones to fund a non-lapsing flood resilience investment fund. The bill also modifies existing language by replacing "clean energy efficiency and clean energy" with broader terms that include flood resilience, thereby expanding the scope of eligible improvements and funding opportunities.

Additionally, the bill mandates that agreements for energy conservation improvements include post-installation energy use data reporting and confirmation of completed flood resiliency improvements. Municipalities must verify that property taxes are current and assess any existing liens before entering into agreements. It also allows municipalities to adopt property tax exemptions for flood resiliency improvements, with the exemption value capped at the cost of the improvement. The bill proposes a municipal flood resilience fee for properties in designated districts, with revenues directed to a flood resilience investment fund. Furthermore, it appropriates $500,000 for a statewide economic impact study on flood risk and mitigation efforts, aiming to provide data to guide future investments in flood resilience. The act is set to take effect upon passage.

Statutes affected:
Introduced: 53-F:1, 53-F:2, 53-F:3, 53-F:4, 53-F:5, 53-F:6, 53-F:7, 53-F:8, 72:34-a