Sea Level Rise Revolving Loan Pilot Program.

Existing law establishes in state government the Ocean Protection Council. Existing law requires the council to, among other things, establish policies to coordinate the collection, evaluation, and sharing of scientific data related to coastal and ocean resources among agencies. Existing law establishes the State Coastal Conservancy with prescribed powers and responsibilities for implementing and administering various programs intended to preserve, protect, and restore the state's coastal areas. This bill would require the council, in consultation with the conservancy, to develop the Sea Level Rise Revolving Loan Pilot Program, within 12 months of receiving specified requests from local jurisdictions to do so, for purposes of providing low-interest loans to local jurisdictions, as defined, for the purchase of coastal properties in their jurisdictions identified as vulnerable coastal property, as defined, located in specified communities, including low-income communities, as provided. The bill would require the council in consultation with other state planning and coastal management agencies, as provided, to adopt guidelines and eligibility criteria for the program. The bill would authorize specified local jurisdictions to apply for, and be awarded, a low-interest loan under the program from the conservancy, in consultation with the council, if the local jurisdiction develops and submits to the conservancy a vulnerable coastal property plan and completes all other requirements imposed by the council. The bill would require the conservancy, in consultation with the council, to review the plans to determine whether they meet the required criteria and guidelines for vulnerable coastal properties to be eligible for participation in the program. The bill would establish the Sea Level Rise Revolving Loan Fund, to be administered by the conservancy, in consultation with the council, for purposes of providing, upon appropriation by the Legislature, the low-interest loans to eligible local jurisdictions, as provided. The bill would also require that loan repayments, fees, interest, and penalties be deposited in the fund for specified uses, upon appropriation by the Legislature, including for additional loans authorized under the program. The bill would require, 3 years after issuing the first loan, but no later than January 1, 2028, the conservancy and the council to provide a report to the Legislature that evaluates the efficacy of the program, as provided. The bill would make the bill's provisions contingent upon an appropriation by the Legislature for its purposes.