Virginia Community Flood Preparedness Fund; loan and grant program, deferment of interest accrual.

Virginia Community Flood Preparedness Fund; loan and grant program; deferment of interest accrual and repayment obligations. Provides that for funds disbursed to localities, federally recognized tribes, and Virginia recognized tribes primarily for the purpose of implementing flood prevention and protection projects and studies in areas that are subject to recurrent flooding, interest on loans shall not accrue and repayment obligations shall not come into effect for loans or grants until completion of the project or study for which such funds are disbursed. This bill is a recommendation of the Joint Subcommittee on Recurrent Flooding.