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House adopts revolving loan fund to front FEMA cost-shares for storm-hit northern counties
Summary
The Mississippi House approved a conference report to create a MEMA-run revolving loan fund to advance FEMA cost-shares for local governments after recent storms; loans for FEMA-matched amounts carry 0% interest, with a 1% fee only on amounts beyond FEMA match and five-year repayment caps.
The Mississippi House on Thursday adopted a conference report to create a revolving loan fund intended to help northern counties and cities front FEMA cost-share obligations after recent storm damage. The fund, as explained on the floor, will be administered by the Mississippi Emergency Management Agency (MEMA) and is designed to bridge reimbursements until federal payments arrive.
Explaining the measure, Representative (speaker label S16) said, “It is a 0% loan for the amount that's matched by FEMA. Anything past that is a 1% fee and the maximum length of the loan is five years.” Members asked whether individuals could seek help; the chair replied the program is for public assistance to cities and counties only and that the total state contribution remains to be determined pending MEMA’s updated damage estimates. The adoption was approved on a recorded vote and the conference report was adopted by the House.
