Title: Homeowners Disaster Preparation Act of 2018
Policy area: Commerce

Summary:
Homeowners Disaster Preparation Act of 2018
This bill authorizes the Small Business Administration to issue loans to qualified homeowners for pre-disaster mitigation activities such as home elevation, enhancements to strengthen roofs, and earthquake retrofitting.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6499 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6499

 To amend the Small Business Act to authorize the Administrator of the 
Small Business Administration to issue loans to homeowners in areas at 
risk for disasters to carry out pre-disaster mitigation activities, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 24, 2018

Mrs. Torres (for herself and Mr. Poe of Texas) introduced the following 
      bill; which was referred to the Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
 To amend the Small Business Act to authorize the Administrator of the 
Small Business Administration to issue loans to homeowners in areas at 
risk for disasters to carry out pre-disaster mitigation activities, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Homeowners Disaster Preparation Act 
of 2018''.

SEC. 2. LOAN PROGRAM.

    The Small Business Act (15 U.S.C. 631 et seq.) is amended--
            (1) by redesignating section 47 as section 48; and
            (2) by inserting after section 46 the following new 
        section:

``SEC. 47. HOMEOWNER DISASTER PREPARATION.

    ``(a) Loan Program.--
            ``(1) Loans.--The Administrator may issue a loan to an 
        eligible homeowner for purpose of pre-disaster mitigation 
        activities.
            ``(2) Amount.--No loan issued under this section may exceed 
        $10,000.
            ``(3) Interest rate.--The Administrator shall set the 
        interest rate of loans issued under this section at such rates 
        as the Administrator determines, in the aggregate, are 
        sufficient to cover--
                    ``(A) the cost of such loans; and
                    ``(B) the administrative costs of carrying out this 
                section.
            ``(4) Priority.--In making a determination whether to issue 
        a loan under this section, the Administrator shall prioritize 
        loans that the Administrator determines will have the greatest 
        effect on the protection of life and property.
            ``(5) Authorization of funds.--
                    ``(A) Initial appropriation.--There is authorized 
                to be appropriated to the Administrator $100,000,000 to 
                carry out this section.
                    ``(B) Subsequent funds.--All funds collected under 
                this section shall be deposited in an account solely 
                for the purpose of carrying out this section. Such 
                amounts shall be available to carry out such activities 
                without need of further appropriation.
    ``(b) Definitions.--In this section:
            ``(1) The term `Administrator' means the Administrator of 
        the Small Business Administration.
            ``(2) The term `cost' shall have the meaning given the term 
        under section 502 of the Congressional Budget Act of 1974.
            ``(3) The term `eligible homeowner' means an individual 
        who--
                    ``(A) owns a single- or multi-family home located 
                in an area that the Administrator determines to be at 
                risk for--
                            ``(i) earthquakes;
                            ``(ii) flooding;
                            ``(iii) wildfires;
                            ``(iv) landslides; or
                            ``(v) tornadoes; and
                    ``(B) does not, at the time of application for a 
                loan under this section, have any outstanding loans 
                under this section.
            ``(4) The term `pre-disaster mitigation activities' means--
                    ``(A) home elevation;
                    ``(B) purchasing a generator for an individual who, 
                in the determination of the Administrator, requires the 
                generator to address a critical medical need;
                    ``(C) dry floodproofing;
                    ``(D) construction of a residential safe room;
                    ``(E) wildfire mitigation;
                    ``(F) enhancements to strengthen a roof, window, or 
                door to minimize potential wind damage; or
                    ``(G) earthquake retrofitting.''.
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