New York Consolidated Laws, State Finance Law - STF § 99-qq. Hazard mitigation state revolving loan fund

1. There is hereby established in the joint custody of the state comptroller and the commissioner of taxation and finance a fund to be known as the “hazard mitigation revolving loan fund”.

2. The fund shall consist of all moneys appropriated therefore, all moneys received by the state pursuant to a capitalization grant from the federal emergency management agency in accordance with the Safeguarding Tomorrow through Ongoing Risk Mitigation Act of 2020 (STORM Act) (P.L. 116-284), payments of principal and interest on loans made from the fund, and interest earned on amounts in the fund.

3. Moneys of the account, when allocated, shall be available to the commissioner of the Division of Homeland Security and Emergency Services to make loans pursuant to section seven hundred nineteen of the executive law.