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Committee advances Hurricane Helene recovery package including $110M interest-payment fund and $100M recovery loan fund
Summary
The panel approved House Bill 6,003 to establish a Hurricane Helene interest payment fund covering up to 5% annual interest for loans and to recreate a governor’s recovery loan fund; the measure carries fiscal notes of roughly $110 million and $100 million and passed the committee 26-0.
The Finance, Ways and Means Committee on Jan. 28 voted to report House Bill 6,003, a two-part emergency recovery package for areas hit by Hurricane Helene.
Chairman Hicks, the bill’s sponsor in committee, said the measure would establish a Hurricane Helene Interest Payment Fund to subsidize up to 5% annually of loan interest for local governments for three years to reduce financing pressure and help local governments focus on recovery. He also described the bill as recreating a governor’s response-to-recovery loan fund to provide flexible, nonfederal resources for needs such as agricultural losses, unemployment assistance and business recovery without waiting for federal processes.
Fiscal details: Chairman Hicks told the committee the interest payment fund portion carries a fiscal note of $110,000,000 and the recovery loan fund portion carries a separate $100,000,000 nonrecurring fiscal note. Committee members asked whether the appropriation would be sufficient and pressed for coordination with TennCare and federal programs for residents who lost health coverage; Hicks said the bill does not currently include direct health-coverage funding but that such issues could be considered later in the process.
Committee action and vote: After questions from Representative Jeremy Clements and others about timing and scope of services, the committee took a roll-call vote. The clerk recorded 26 ayes and the committee reported House Bill 6,003 to Calendar and Rules.
Next steps: The bill will be placed on the calendar by Rules. Chairman Hicks and administration representatives told the committee they could provide additional detail during Rules or on the floor if requested.
