FEMA Disaster Relief: Interest Reimbursement for Local Governments and Utilities
This law authorizes FEMA to reimburse local governments and electric cooperatives for interest paid on loans taken out for disaster recovery efforts. This measure reduces the financial burden on local entities following major disasters, potentially leading to faster infrastructure repairs and stabilizing local finances. The reimbursement covers qualifying interest paid up to seven years prior to the law's enactment.
Key points
FEMA will provide financial assistance to local governments and electric cooperatives to cover interest costs on disaster recovery loans.
The goal is to lower the overall cost of disaster recovery for communities and ensure essential services are quickly restored.
Local entities can seek reimbursement for eligible interest expenses incurred within the last seven years.
Expired
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