Crumbling Foundations Small Business and Homeowners Assistance Act of 2018

Bill: 115-s-2745
Sponsor: full_name: Sen. Blumenthal, Richard [D-CT]
Introduced: 2018-04-25
Policy area: Housing and Community Development
Subjects: Building construction

Cooperative and condominium housing

Housing and community development funding

Housing finance and home ownership

Materials

Residential rehabilitation and home repair

Small business
Latest action: action_date: 2018-04-25
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2018-04-25
action_desc: Introduced in Senate
text: <p><strong>Crumbling Foundations Small Business and Homeowners Assistance Act of 2018</strong></p> <p>This bill requires the Federal Emergency Management Agency to award grants&nbsp;for states to assist&nbsp;homeowners, small-business owners, and&nbsp;condominium associations in preventing, mitigating, and repairing structural damage to concrete foundations that contain pyrrhotite (an iron sulfide mineral linked to crumbling foundations).</p>

tv_txt: II 115th CONGRESS 2d Session S. 2745 IN THE SENATE OF THE UNITED STATES April 25, 2018 Mr. Blumenthal (for himself and Mr. Murphy ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To establish a grant program to provide assistance to prevent and repair damage to structures due to pyrrhotite.

1. Short title This Act may be cited as the Crumbling Foundations Small Business and Homeowners Assistance Act of 2018 . 2. Grant program (a) Definition In this section, the term Administrator means the Administrator of the Federal Emergency Management Agency. (b) Authorization The Administrator shall award grants to States to provide assistance to owners of small businesses, condominium associations, and homeowners located within the State to prevent, mitigate, and repair damage to structures that have sustained or may sustain damage due to concrete foundations that contain pyrrhotite. (c) Application A covered State desiring a grant under this section shall submit an application to the Administrator at such time, in such manner, and accompanied by such information as the Administrator may require. (d) Use of funds A State receiving a grant under this section shall use grant funds to provide full or partial reimbursement to affected owners of small businesses, condominium associations, and homeowners for the costs of prevention, mitigation and repair of damage described in subsection (b). (e) Grant amount and duration (1) Amount Each grant awarded to a State under this section in a fiscal year shall be in an amount of not more than $20,000,000. (2) Duration A grant awarded under this section— (A) shall be for a period of 5 years; and (B) may be renewed for not more than 3 additional periods. (f) Authorization of appropriations There are authorized to be appropriated to carry out this section $20,000,000 for each of fiscal years 2019 through 2023.