This bill establishes a disaster assistance grant program administered by the Iowa finance authority to provide financial support to homeowners in Iowa whose primary residences have been damaged by natural disasters. A disaster assistance grant fund is created within the state treasury, consisting of appropriated funds from the general assembly and other available moneys. The bill ensures that unencumbered or unobligated funds at the end of a fiscal year will remain available for future expenditures and that any interest or earnings on the fund will be credited back to it.

To qualify for a grant, homeowners must demonstrate that the damage to their primary residence exceeds the coverage provided by their property and casualty insurance, as well as any other state or federal disaster-related financial assistance they may be eligible for. The authority is tasked with developing necessary application procedures, forms, and administrative guidelines to effectively implement and manage the program.