paragraph (1) shall submit to the Director doc-
umentation and such other evidence (including 
a report completed by a State-licensed, nation-
ally-certified home inspector) as the Director 
may require to establish the replacement cost of 
the eligible structure under subparagraph (A). 
‘‘(d) COST SHARING.— 
‘‘(1) FEDERAL SHARE.—Subject to subsection 
(f) and paragraph (2), the Federal share of the cost 
of assistance provided under this section for an eligi-
ble structure that the Director shall pay to the 
owner of the eligible structure shall be 80 percent of 
the replacement cost of the eligible structure as de-
termined under subsection (c)(2). 
‘‘(2) 
MAXIMUM
AMOUNT.—The 
maximum 
amount of assistance that may be provided to an 
owner of an eligible structure under this section for 
such structure may not exceed $150,000. 
‘‘(3) OPTIONAL STATE SHARE.—If the owner of 
an eligible structure in a State is provided assistance 
under this section, the State may provide to the 
owner 10 percent of the replacement cost of the eli-
gible structure as determined under subsection 
(c)(2), but not to exceed $15,000.
‘‘(e) REQUIREMENTS REGARDING FUTURE FLOOD 
INSURANCE COVERAGE AND MITIGATION ACTIONS.— 
‘‘(1) IN GENERAL.—The Director may not pro-
vide assistance under this section for an eligible 
structure unless— 
‘‘(A) the owner of the property upon which 
the eligible structure is located has entered into 
a legally binding agreement with the Director, 
including such deed restrictions as the Director 
considers appropriate, to ensure that such 
owner, and any future owners, will at all times 
after such assistance is provided under this sec-
tion with respect to the property, purchase and 
maintain flood insurance, in perpetuity, for any 
structures located at any time on the same 
property on which, at the time of purchase, 
such eligible structure is located, in an amount 
at least equal to the lesser of— 
‘‘(i) the value of the structure, as de-
termined by the Director; or 
‘‘(ii) the maximum limit of coverage 
made available with respect to the par-
ticular type of property under the National 
Flood Insurance Program, if such coverage 
is available; and
‘‘(B) the owner of the property certifies to 
the Director that any structure constructed, re-
paired, or reconstructed with such assistance 
will be constructed, repaired, or reconstructed 
in accordance with— 
‘‘(i) standards established by the 
International Code Council in effect at the 
time the building permit is issued by the 
local government to the owner of the eligi-
ble structure; and 
‘‘(ii) any final flood elevations or flood 
maps in effect for purposes of the National 
Flood Insurance Program at the time the 
building permit is issued by the local gov-
ernment to the owner of the eligible struc-
ture and any advisory flood elevations or 
advisory flood insurance rate maps issued 
by the Director for purposes of such pro-
gram before such building permit is issued. 
‘‘(2) WAIVER AUTHORITY.—The Director may 
waive the requirements of paragraph (1)(B) with re-
spect to the repair of an eligible structure if the Di-
rector determines that the cost of compliance with 
such requirements by the owner in repairing the eli-
gible structure outweigh the benefit derived from
such compliance pursuant to a substantial damage 
analysis. 
‘‘(f) PROHIBITION ON DUPLICATIVE BENEFITS IN 
EXCESS OF REPLACEMENT COSTS.—Notwithstanding sec-
tion 312, the Director shall assure that no owner of an 
eligible structure will receive assistance under this section 
that, when combined with other financial assistance re-
ceived by the owner under any program, including section 
404 or 408, or from insurance or any other source for 
the purpose of repair, reconstruction, or replacement of 
the eligible structure, is in excess of the replacement cost 
of the eligible structure as determined under subsection 
(c)(2). Before receipt of any assistance for which an owner 
is eligible under this section for an eligible structure, the 
owner shall enter into a legally binding agreement with 
the Director to repay any and all of such assistance that 
is in excess of the replacement cost of the eligible structure 
as determined under subsection (c)(2). 
‘‘(g) VERIFICATION OF USE OF FUNDS AND COMPLI-
ANCE.— 
‘‘(1) DOCUMENTATION; REPORTS.—Within 6 
months after the date on which an owner of an eligi-
ble structure receives assistance under this section, 
and every 6 months thereafter until all such assist-
ance is accounted for, the owner shall submit to the 
Director— 
‘‘(A) 
all 
receipts 
and 
documentation 
verifying the use of such assistance for the pur-
pose for which it was provided; and 
‘‘(B) reports completed by a State-licensed, 
nationally-certified home inspector verifying 
compliance by the owner with the requirements 
of subsection (e)(1)(B) if such requirements are 
not waived by the Director. 
‘‘(2) ENFORCEMENT.—The Director may sus-
pend assistance under this section, and take any ad-
ditional action which the Director deems appro-
priate, with respect to an owner of an eligible struc-
ture if the Director determines that the owner is not 
complying with paragraph (1). 
‘‘(h) DEFINITIONS.—In this section, the following 
definitions apply: 
‘‘(1) COVERED
DISASTER
AREA.—The term 
‘covered disaster area’ means an area— 
‘‘(A) for which a major disaster was de-
clared by the Director pursuant to title IV of 
the Robert T. Stafford Disaster Relief and 
Emergency Assistance Act as a result of Hurri-
cane Katrina or Hurricane Rita in 2005; and