The proposed bill, HB 595-FN, seeks to enhance flood resilience by integrating flood resiliency improvements into the definitions and funding mechanisms of the Commercial Property Assessed Clean Energy (C-PACE) and Residential Property Assessed Clean Energy (R-PACE) programs. Key amendments include the addition of "flood resilience" to the definition of "district" and the introduction of "flood resiliency improvement" as a qualifying improvement, which encompasses measures like elevating structures and creating flood diversion systems. Municipalities are granted the authority to offer property tax abatements or assessment freezes for property owners who implement these improvements, and they can levy fees on properties within designated flood resilience zones to support a non-lapsing flood resilience investment fund. The bill also appropriates $500,000 for a statewide analysis of flood risk and mitigation costs, aiming to bolster community resilience against flooding while promoting energy efficiency.

Additionally, the bill modifies existing language by replacing references to "clean energy efficiency and clean energy" with "qualifying improvements," emphasizing public benefits in the context of flood risk and climate change. It mandates that municipalities adopt a model for C-PACE and R-PACE programs based on U.S. Department of Energy guidelines and requires property owners to report post-installation energy use data. The eligibility criteria for property owners are updated to ensure all property taxes are current, and improvements must be based on a certified audit. The bill also allows municipalities to provide property tax credits for flood resilience improvements and introduces a municipal flood resilience fee to fund related initiatives. Overall, HB 595-FN aims to create a structured approach to financing flood resilience projects while ensuring that improvements are effectively integrated into existing property assessment frameworks.

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