The bill HB 595-FN amends existing laws to integrate flood resiliency improvements into 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 includes strategies 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 who implement these improvements and can impose fees on properties within designated flood resilience zones to fund a non-lapsing flood resilience investment fund. The bill also replaces references to "clean energy efficiency and clean energy" with broader terms to encompass flood resilience, thereby expanding the scope of eligible improvements and funding opportunities.

Additionally, the bill appropriates $500,000 for a statewide analysis of flood risk and mitigation costs, enhancing community resilience against flooding and climate change. It mandates that agreements for energy conservation improvements include post-installation energy use data reporting and confirmation of completed flood resiliency improvements. Municipalities must verify property tax compliance and existing liens before entering into agreements. The bill also allows municipalities to adopt specific criteria for C-PACE and R-PACE programs, ensuring that financed improvements are based on certified audits. Overall, HB 595-FN aims to bolster the financing framework for energy efficiency and flood resiliency improvements while ensuring accountability and oversight.

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