The Hurricanes of 2022 Disaster Relief Rectification Act
A BILL
To amend the Disaster Relief Supplemental Appropriations Act, 2023 to improve disaster relief funding, and for other purposes.
Sec. 2 Disaster Relief Supplemental Appropriations Act, 2023 Amendments
Sec. 3 Appropriation of rescinded funds
Sec. 4 General provisions
“431. Reimbursement of interest payments related to public assistance
“(a) Definitions—In this section:
“(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) Financial assistance—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.”
“(v) Flood zone requirement waiver
“(I) In general—The Governor of a State may submit to the President a request to waive any restriction relating to the deployment of travel trailers or manufactured housing units, including the prohibition on deploying travel trailers or manufactured housing units into flood hazard areas under section 206.117(b)(1)(ii)(C) of title 44, Code of Federal Regulations.”