Equity for Disaster Victims Act of 2017

To amend the Small Business Act to allow small business concerns, homeowners, or nonprofit entities to use certain Superstorm Sandy grant funds or other disaster assistance received to repay certain disaster assistance provided by the Small Business Administration, and for other purposes. 1. Short title This Act may be cited as the Equity for Disaster Victims Act of 2017 2. Use of certain Superstorm Sandy grant funds for repayment of certain disaster assistance provided by the Small Business Administration Section 7(f) of the Small Business Act ( 15 U.S.C. 636(f) (2) Superstorm Sandy CDBG–DR grant funds (A) In general (i) Loans to repair, rehabilitate, or replace real property A small business concern, homeowner, or nonprofit entity that received a loan pursuant to subsection (b)(1)(A) for the purpose of repairing, rehabilitating, or replacing real property damaged or destroyed by or as a result of Superstorm Sandy may receive Superstorm Sandy CDBG–DR grant funds only if such grant funds will be used to repay the principal and any interest accrued on the loan. (ii) Loans to refinance a mortgage A small business concern, homeowner, or nonprofit entity that received a loan pursuant to subsection (b)(1)(B) to refinance a mortgage or other lien against a home or business concern that was totally destroyed or substantially damaged by or as a result of Superstorm Sandy may receive Superstorm Sandy CDBG–DR grant funds only if the amount of such grant funds will be used to repay the amount received under such subsection (b)(1)(B). (iii) Additional disaster assistance A small business concern, homeowner, or nonprofit entity that received additional disaster assistance pursuant to subsection (b)(9) for a loan described in clause (i) or the refinancing described in clause (ii) may receive Superstorm Sandy CDBG–DR grant funds only if such grant funds will be used— (I) to repay the principal and any interest accrued on a loan described in clause (i); or (II) to repay the amount received from a loan described in clause (ii). (B) Definition The term Superstorm Sandy CDBG–DR grant funds Department of Housing and Urban Development—Community Planning and Development—Community Development Fund Public Law 113–2 42 U.S.C. 5121 42 U.S.C. 5301 . 3. Use of other disaster assistance for repayment of certain disaster assistance provided by the Small Business Administration Section 7(b) of the Small Business Act ( 15 U.S.C. 636(b) (16) Use of other disaster assistance As determined by the Administrator, a small business concern, homeowner, or nonprofit entity who receives assistance pursuant to any other law (except for assistance received pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5121 42 U.S.C. 5170 . 4. Treatment of funds Notwithstanding the sixth and tenth provisos under the heading Department of Housing and Urban Development—Community Planning and Development—Community Development Fund Public Law 113–2 15 U.S.C. 636(f)

Summary: Equity for Disaster Victims Act of 2016 This bill assists victims of Superstorm Sandy and other disasters by allowing recipients of specified disaster-assistance loans from the Small Business Administration to repay the loans with disaster-recovery grant funds received under the Community Development Block Grant Program.