FEMA Disaster Loan Interest Relief for Local Governments and Utilities.
This law aims to ease the financial burden on local governments and electric cooperatives following major disasters. It allows FEMA to reimburse them for interest paid on loans used to fund essential recovery activities. This relief helps ensure faster restoration of critical public services, such as power and infrastructure, benefiting citizens directly by stabilizing community recovery efforts.
Key points
Local governments and electric cooperatives can be reimbursed for interest paid on loans used primarily (90% or more) for FEMA-assisted disaster recovery projects.
The reimbursement amount is capped at the lower of the actual interest paid or the interest calculated using the Federal Reserve's prime rate.
The relief is retroactive, covering qualifying interest incurred up to 5 years before the law's enactment date.
Expired
Citizen Poll