The Loan Package for the Community Disaster Loan Program provides States, Local and Tribal governments that have suffered substantial loss of tax or other revenues as a result of a major disaster or emergency, the opportunity to obtain financial assistance in order to perform their governmental functions. Local governments can submit a loan package for the Community Disaster Loan Program. This loan must be justified on the basis of need and actual expenses.
The Community Disaster Loan (CDL) Program is authorized by Section 417 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, Pub. L. 93-288, Public Law 115-72, as amended, 42 U.S.C. §§ 5121-5207 (the âStafford Actâ). The Stafford Act provides policies and procedures for local governments and State and Federal officials concerning the CDL program. FEMA regulations at 44 CFR, Part 206, Subpart K, implement the statute. The Assistant Administrator may make a CDL to any local government which has suffered a substantial loss of tax or other revenues as a result of a major disaster or emergency and which demonstrates a need for Federal financial assistance in order to perform its governmental functions.
In response to the series of devastating disasters in 2008, Congress passed the Consolidated Security, Disaster Assistance, and Continuing Appropriations Act, 2009, Pub. L. 110-329. This Act provided an additional $7,960,000,000 for âDisaster Reliefâ to remain available until expended, provided that, of the amount provided, up to $98,150,000 may be transferred to the âDisaster Assistance Direct Loan Program Accountâ for the cost of direct loans as authorized under section 417 of the Stafford Act (42 U.S.C. 5184), of which up to $4,200,000 is for administrative expenses to carry out the direct loan program. Further, it is required that such transfers may be made to subsidize gross obligations for the principal amount of direct loans not to exceed $100,000,000 under section 417 of the Stafford Act.
US Code:
42 USC 5184
Name of Law: Community Disaster Loans
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Government of Virgin Island - Promissory Note