H.R. 5774 · 114th Congress
Equity for Disaster Victims Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
SmithSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Small Business Act to allow a small business concern, homeowner, or nonprofit entity that received a Small Business Administration (SBA) disaster loan for repairing, rehabilitating, or replacing real property damaged or destroyed by or because of Superstorm Sandy or that received such an SBA loan to refinance a mortgage or other lien…
What it does: CRS summary · Introduced in House · Jul 13, 2016
Equity for Disaster Victims Act of 2016
This bill amends the Small Business Act to allow a small business concern, homeowner, or nonprofit entity that received a Small Business Administration (SBA) disaster loan for repairing, rehabilitating, or replacing real property damaged or destroyed by or because of Superstorm Sandy or that received such an SBA loan to refinance a mortgage or other lien against a home or business concern totally destroyed or substantially damaged by or because of the storm to receive Superstorm Sandy CDBG-DR grant funds only if they will be used to repay:
- the principal and any interest accrued on the loan for such repair, rehabilitation, or replacement; or
- the loan received to refinance the mortgage or other lien.
The bill allows these recipients of additional SBA disaster assistance resulting from a declared major disaster to use CDBG-DR grant funds only if they are used for such repayments.
The term Superstorm Sandy CDBG-DR grant funds means mandatory amounts made available by the Department of Housing and Urban Development only for impacted and distressed areas resulting from a declared major disaster due to Superstorm Sandy for activities authorized under the Housing and Community Development Act of 1974.
A small business concern, homeowner, or nonprofit entity who receives assistance pursuant to any other law to repair, rehabilitate, or replace real property damaged or destroyed by or as a result of a declared major disaster on or after enactment of this bill may use such assistance to repay the principal and any interest accrued on a loan or the amount of other assistance received under it.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Equity for Disaster Victims Act of 2016
Latest action (Jul 15, 2016): Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
Policy area: Commerce · Origin: House · Introduced: Jul 13, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.