HB 595-FN amends existing laws to include flood resiliency improvements as qualifying enhancements eligible for funding under the Commercial Property Assessed Clean Energy (C-PACE) and Residential Property Assessed Clean Energy (R-PACE) programs. The bill defines "qualifying improvement" to include measures such as raising structures above base flood elevation and using flood-resistant materials. It also allows municipalities to offer property tax abatements or freezes for property owners who undertake these projects and permits the assessment of fees on properties within designated flood resilience zones to fund a non-lapsing flood resilience investment fund. Additionally, the bill appropriates $500,000 for a statewide analysis of flood risk and mitigation efforts.

The legislation modifies existing statutes by replacing references to "clean energy efficiency and clean energy" with broader terms that encompass flood resilience. It mandates that agreements for energy conservation improvements include post-installation data reporting and confirmation of completed flood resiliency measures. Municipalities are empowered to adopt property tax exemptions for real estate with flood resilience improvements, and they may implement a flood resilience fee to support these initiatives. The bill emphasizes the importance of enhancing community resilience against flooding while ensuring that the economic and social well-being of the community is maintained.

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