Grants to entities for establishment of hazard mitigation revolving loan funds

The Administrator may enter into agreements with eligible entities to make capitalization grants to such entities for the establishment of hazard mitigation revolving loan funds (referred to in this section as “entity loan funds”) for providing funding assistance to local governments to carry out eligible projects under this section to reduce disaster risks for homeowners, businesses, nonprofit organizations, and communities in order to decrease— Any agreement entered into under this section shall require the participating entity to— To be eligible to receive a capitalization grant under this section, an eligible entity shall submit to the Administrator an application that includes the following: The Administrator shall provide technical assistance to eligible entities for applications under this section. An entity that receives a capitalization grant under this section shall establish an entity loan fund that complies with the requirements of this subsection. Except as provided in paragraph (3), entity loan funds shall— include only— A participating entity may combine the financial administration of the entity loan fund of such entity with the financial administration of any other revolving fund established by such entity if the Administrator determines that— On or before the date on which a participating entity receives a capitalization grant under this section, the entity shall deposit into the entity loan fund of such entity, an amount equal to not less than 10 percent of the amount of the capitalization grant. If, with respect to a capitalization grant under this section, a participating entity deposits in the entity loan fund of the entity an amount that is less than 10 percent of the total amount of the capitalization grant that the participating entity would otherwise receive, the Administrator shall reduce the amount of the capitalization grant received by the entity to the amount that is 10 times the amount so deposited. Except as otherwise provided by this subsection, the Administrator shall apportion funds made available to carry out this section to entities that have entered into an agreement under subsection (a)(2) in amounts as determined by the Administrator. The Administrator shall reserve not more than 2.5 percent of the amount made available to carry out this section for the Federal Emergency Management Agency for— In the apportionment of capitalization grants under this subsection, the Administrator shall give priority to entity applications under subsection (b) that— The Administrator may delegate to a participating entity all of the responsibilities for environmental review, decision making, and action pursuant to the National Environmental Policy Act of 1969 (42 U.S.C. 4321 et seq.), and other applicable Federal environmental laws including the Endangered Species Act of 1973 (16 U.S.C. 1531 et seq.) and the National Historic Preservation Act of 1966 (54 U.S.C. 300101 et seq.) that would apply to the Administrator were the Administrator to undertake projects under this section as Federal projects so long as the participating entity carries out such responsibilities in the same manner and subject to the same requirements as if the Administrator carried out such responsibilities. Amounts deposited in an entity loan fund, including loan repayments and interest earned on such amounts, may be used— to make loans, on the condition that— annual principal and interest payments will commence not later than 1 year after completion of any project and all loans made under this subparagraph will be fully amortized— In carrying out this section, the Administrator may not determine that a loan is a duplication of assistance or programs under this chapter. Except as provided in this subsection, a participating entity may use funds in the entity loan fund to provide financial assistance for projects or activities that mitigate the impacts of natural hazards including— A participating entity may use not more than 10 percent of a capitalization grant under this section to enable units of local government to implement zoning and land use planning changes focused on— A participating entity may use capitalization grants under this section to enable units of local government to establish and carry out the latest published editions of relevant building codes, specifications, and standards for the purpose of protecting the health, safety, and general welfare of the building’s users against disasters and natural hazards. For each fiscal year, a participating entity may use the amount described in paragraph (1)(C) to— A participating entity may not provide an amount equal to or more than $5,000,000 to a single hazard mitigation project. For fiscal year 2022 and each fiscal year thereafter, the requirements of subchapter IV of chapter 31 of title 40 shall apply to the construction of projects carried out in whole or in part with assistance made available by an entity loan fund authorized by this section. After providing for public comment and review, and consultation with appropriate government agencies of the State or Indian tribal government, Federal agencies, and interest groups, each participating entity shall annually prepare and submit to the Administrator a plan identifying the intended uses of the entity loan fund. An entity intended use plan prepared under paragraph (1) shall include— an explanation of the mitigation and resiliency benefits the entity intends to achieve by— Beginning not later than the last day of the second fiscal year after the receipt of payments under this section, and biennially thereafter, any participating entity shall— provide to the Administrator a report including— A participating entity shall publish and periodically update information about all projects receiving funding from the entity loan fund of such entity, including— The Administrator shall, at least every 4 years, conduct reviews and audits as may be determined necessary or appropriate by the Administrator to carry out the objectives of this section and determine the effectiveness of the fund in reducing natural hazard risk. A participating entity shall conduct audits under paragraph (1) in accordance with the auditing procedures of the Government Accountability Office, including generally accepted government auditing standards. The Administrator may at any time make recommendations for or require specific changes to an entity loan fund in order to improve the effectiveness of the fund. The Administrator shall issue such regulations or guidance as are necessary to— Until such time as the Administrator issues final regulations to implement this section, the Administrator may— The Agency shall not be liable for any claim based on the exercise or performance of, or the failure to exercise or perform, a discretionary function or duty by the Agency, or an employee of the Agency in carrying out this section. Not later than 1 year after the date on which the first entity loan fund is established under subsection (c), the Comptroller General of the United States shall submit to the Committee on Homeland Security and Governmental Affairs of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives a report that examines— In this section, the following definitions apply: The term “Administrator” means the Administrator of the Federal Emergency Management Agency. The term “Agency” means the Federal Emergency Management Agency. The term “eligible entity” means a State or an Indian tribal government that has received a major disaster declaration pursuant to section 5170 of this title. The term “hazard mitigation plan” means a mitigation plan submitted under section 5165 of this title. The term “low-income geographic area” means an area described in paragraph (1) or (2) of section 3161(a) of this title. The term “participating entity” means an eligible entity that has entered into an agreement under this section. The term “repetitive loss structure” has the meaning given the term in section 4121 of this title. The term “severe repetitive loss structure” has the meaning given the term in section 4104c(h) of this title. The term “wildland-urban interface” has the meaning given the term in section 6511 of title 16. There are authorized to be appropriated $100,000,000 for each of fiscal years 2022 through 2023 to carry out this section.