Homeowners Disaster Preparation Act of 2018

Bill: 115-hr-6499
Sponsor: full_name: Rep. Torres, Norma J. [D-CA-35]
Introduced: 2018-07-24
Policy area: Commerce
Subjects: Administrative law and regulatory procedures

Emergency planning and evacuation

Fires

Floods and storm protection

Government lending and loan guarantees

Housing finance and home ownership

Interest, dividends, interest rates

Natural disasters

Residential rehabilitation and home repair

Small Business Administration

Small business
Latest action: action_date: 2018-07-24
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2018-07-24
action_desc: Introduced in House
text: <p><b>Homeowners Disaster Preparation Act of 2018</b></p> <p>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. </p>

tv_txt: I 115th CONGRESS 2d Session H. R. 6499 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.

1. Short title This Act may be cited as the Homeowners Disaster Preparation Act of 2018 . 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: 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. .