New financial program available for Texas communities

A new financial assistance program will soon become available to assist in the funding of drainage, flood mitigation, and flood control projects.

On Nov. 5, Texas voters approved Proposition 8, a constitutional amendment providing for the creation of the Flood Infrastructure Fund (FIF). In conjunction with the constitutional amendment, the legislature made a one-time transfer of $793 million from the Economic Stabilization or “Rainy Day” Fund to the FIF via Senate Bill 500 and passed Senate Bill (SB) 7, which outlines uses of the FIF.

Read more from Mark Evans with Freese & Nichols here.