FEMA Loan Interest Payment Relief Act

Bill: 118-hr-2672
Sponsor: full_name: Rep. Dunn, Neal P. [R-FL-2]
Introduced: 2023-04-18
Policy area: Emergency Management
Subjects: Disaster relief and insurance

Electric power generation and transmission

Government lending and loan guarantees

Interest, dividends, interest rates

State and local finance

State and local government operations
Latest action: action_date: 2024-12-10
text: Received in the Senate and Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

Summaries:
action_date: 2023-04-18
action_desc: Introduced in House
text: <p><strong>FEMA Loan Interest Payment Relief Act</strong></p> <p>This bill directs the Federal Emergency Management Agency (FEMA) to provide financial assistance to a local government or electric cooperative as reimbursement for interest paid on a loan used for emergency or disaster recovery activities later paid for by FEMA assistance.</p>

action_date: 2024-12-04
action_desc: Reported to House
text: <p><strong>FEMA Loan Interest Payment Relief Act</strong></p><p>This bill directs the Federal Emergency Management Agency (FEMA) to provide financial assistance to a local government or electric cooperative as reimbursement for interest paid on a loan used for emergency or disaster recovery activities later paid for by FEMA assistance. The interest that qualifies for reimbursement may not exceed the amount of interest that would have been paid if the loan's interest rate were equal to the most recent prime rate.&nbsp;</p>

tv_txt: IIB 118th CONGRESS 2d Session H. R. 2672 IN THE SENATE OF THE UNITED STATES December 10, 2024 Received; read twice and referred to the Committee on Homeland Security and Governmental Affairs AN ACT To amend the Robert T. Stafford Disaster Relief and Emergency Assistance Act to provide for the authority to reimburse local governments or electric cooperatives for interest expenses, and for other purposes.

1. Short title This Act may be cited as the FEMA Loan Interest Payment Relief Act . 2. Reimbursement of interest payments related to public assistance (a) In general Title IV of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5170 et seq. ) is amended by adding at the end the following: 431. Reimbursement of interest payments related to public assistance (a) In general The President, acting through the Administrator of the Federal Emergency Management Agency, shall provide financial assistance to a local government or electric cooperative as reimbursement for qualifying interest. (b) Definitions (1) In general In this section, the following definitions apply: (A) Qualifying interest The term qualifying interest means, with respect to a qualifying loan, the lesser of— (i) the actual interest paid to a lender for such qualifying loan; and (ii) the interest that would have been paid to a lender if such qualifying loan had an interest rate equal to the prime rate most recently published on the Federal Reserve Statistical Release on selected interest rates. (B) Qualifying loan The term qualifying loan means a loan— (i) obtained by a local government or electric cooperative; and (ii) of which not less than 90 percent of the proceeds are used to fund activities for which such local government or electric cooperative receives assistance under this Act after the date on which such loan is disbursed. (2) Local government For purposes of this section, the term local government includes the District of Columbia. . (b) Rules of applicability (1) Eligibility Any qualifying interest (as such term is defined in section 431 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, as added by this Act) incurred by a local government or electric cooperative in the 7 years preceding the date of enactment of this Act shall be treated as eligible for financial assistance for purposes of such section. (2) Appropriations Only amounts appropriated on or after the date of enactment of this Act may be made available to carry out the amendment made by this section.

Passed the House of Representatives December 9, 2024. Kevin F. McCumber, Clerk.

tv_txt: I 118th CONGRESS 2d Session H. R. 2672 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Robert T. Stafford Disaster Relief and Emergency Assistance Act to provide for the authority to reimburse local governments or electric cooperatives for interest expenses, and for other purposes.

1. Short title This Act may be cited as the FEMA Loan Interest Payment Relief Act . 2. Reimbursement of interest payments related to public assistance (a) In general Title IV of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5170 et seq. ) is amended by adding at the end the following: 431. Reimbursement of interest payments related to public assistance (a) In general The President, acting through the Administrator of the Federal Emergency Management Agency, shall provide financial assistance to a local government or electric cooperative as reimbursement for qualifying interest. (b) Definitions (1) In general In this section, the following definitions apply: (A) Qualifying interest The term qualifying interest means, with respect to a qualifying loan, the lesser of— (i) the actual interest paid to a lender for such qualifying loan; and (ii) the interest that would have been paid to a lender if such qualifying loan had an interest rate equal to the prime rate most recently published on the Federal Reserve Statistical Release on selected interest rates. (B) Qualifying loan The term qualifying loan means a loan— (i) obtained by a local government or electric cooperative; and (ii) of which not less than 90 percent of the proceeds are used to fund activities for which such local government or electric cooperative receives assistance under this Act after the date on which such loan is disbursed. (2) Local government For purposes of this section, the term local government includes the District of Columbia. . (b) Rules of applicability (1) Eligibility Any qualifying interest (as such term is defined in section 431 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, as added by this Act) incurred by a local government or electric cooperative in the 7 years preceding the date of enactment of this Act shall be treated as eligible for financial assistance for purposes of such section. (2) Appropriations Only amounts appropriated on or after the date of enactment of this Act may be made available to carry out the amendment made by this section.

Passed the House of Representatives December 9, 2024. Kevin F. McCumber, Clerk.

tv_txt: IB Union Calendar No. 657 118th CONGRESS 2d Session H. R. 2672 [Report No. 118–796] IN THE HOUSE OF REPRESENTATIVES April 18, 2023 Mr. Dunn of Florida (for himself, Mr. Graves of Louisiana , and Mr. Soto ) introduced the following bill; which was referred to the Committee on Transportation and Infrastructure December 4, 2024 Additional sponsors: Mr. Ezell , Mr. Gimenez , Mr. Higgins of Louisiana , Mr. Bilirakis , Mr. Bean of Florida , Mr. Moore of Alabama , Mr. Rutherford , Mr. Moskowitz , Mr. Guest , Mrs. Luna , Mr. Panetta , Mr. Kelly of Mississippi , Mr. Bishop of Georgia , Mr. Donalds , Mr. Posey , Mr. Scott Franklin of Florida , Mrs. Cammack , Ms. Lee of Florida , Mr. Mills , Ms. Wasserman Schultz , Mr. Diaz-Balart , Ms. Lois Frankel of Florida , Mrs. Cherfilus-McCormick , Mr. Buchanan , Mrs. Rodgers of Washington , Ms. Letlow , Mr. Carter of Louisiana , Mr. Webster of Florida , Mr. Stauber , Mr. Phillips , Mrs. González-Colón , and Mr. Kiley December 4, 2024 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To amend the Robert T. Stafford Disaster Relief and Emergency Assistance Act to provide for the authority to reimburse local governments or electric cooperatives for interest expenses, and for other purposes.

1. Short title This Act may be cited as the FEMA Loan Interest Payment Relief Act . 2. Reimbursement of interest payments related to public assistance (a) In general Title IV of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5170 et seq. ) is amended by adding at the end the following: 431. Reimbursement of interest payments related to public assistance (a) In general The President, acting through the Administrator of the Federal Emergency Management Agency, shall provide financial assistance to a local government or electric cooperative as reimbursement for qualifying interest. (b) Definitions In this section, the following definitions apply: (1) Qualifying interest The term qualifying interest means, with respect to a qualifying loan, the lesser of— (A) the actual interest paid to a lender for such qualifying loan; and (B) the interest that would have been paid to a lender if such qualifying loan had an interest rate equal to the prime rate most recently published on the Federal Reserve Statistical Release on selected interest rates. (2) Qualifying loan The term qualifying loan means a loan— (A) obtained by a local government or electric cooperative; and (B) of which not less than 90 percent of the proceeds are used to fund activities for which such local government or electric cooperative receives assistance under this Act after the date on which such loan is disbursed. . (b) Rule of applicability Any qualifying interest (as such term is defined in section 431 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, as added by this Act) incurred by a local government or electric cooperative in the 7 years preceding the date of enactment of this Act shall be treated as eligible for financial assistance for purposes of such section.

December 4, 2024 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: I 118th CONGRESS 1st Session H. R. 2672 IN THE HOUSE OF REPRESENTATIVES April 18, 2023 Mr. Dunn of Florida (for himself, Mr. Graves of Louisiana , and Mr. Soto ) introduced the following bill; which was referred to the Committee on Transportation and Infrastructure A BILL To amend the Robert T. Stafford Disaster Relief and Emergency Assistance Act to provide for the authority to reimburse local governments or electric cooperatives for interest expenses, and for other purposes.

1. Short title This Act may be cited as the FEMA Loan Interest Payment Relief Act . 2. Reimbursement of interest payments related to public assistance (a) In general Title IV of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5170 et seq. ) is amended by adding at the end the following: 431. Reimbursement of interest payments related to public assistance (a) In general The President, acting through the Administrator of the Federal Emergency Management Agency, shall provide financial assistance to a local government or electric cooperative as reimbursement for qualifying interest. (b) Definitions In this section, the following definitions apply: (1) Qualifying interest The term qualifying interest means, with respect to a qualifying loan, the lesser of— (A) the actual interest paid to a lender for such qualifying loan; and (B) the interest that would have been paid to a lender if such qualifying loan had an interest rate equal to the prime rate most recently published on the Federal Reserve Statistical Release on selected interest rates. (2) Qualifying loan The term qualifying loan means a loan— (A) obtained by a local government or electric cooperative; and (B) of which not less than 90 percent of the proceeds are used to fund activities for which such local government or electric cooperative receives assistance under this Act after the date on which such loan is disbursed. . (b) Rule of applicability Any qualifying interest (as such term is defined in section 431 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, as added by this Act) incurred by a local government or electric cooperative in the 7 years preceding the date of enactment of this Act shall be treated as eligible for financial assistance for purposes of such section.