The bill establishes a Natural Hazard Mitigation Financing Program in Iowa, which aims to provide loans to eligible entities for projects that mitigate the impacts of natural hazards. It creates a dedicated revolving loan fund managed by the Department of Homeland Security and Emergency Management, funded through appropriations from the General Assembly and federal grants. The bill outlines the roles of the department and the Iowa Finance Authority in administering the program, including the issuance of bonds and notes, and specifies that these funds will not be part of the state’s general fund. Additionally, it amends existing laws to incorporate the new financing program and its associated bonds, ensuring operational independence from the state’s general financial obligations.

Moreover, the bill introduces new regulations for disaster recovery housing assistance, clarifying that the governor's disaster emergency proclamation must specify the availability of assistance for homeowners, renters, or both. It establishes a disaster recovery housing assistance fund to provide financial aid, including grants and forgivable loans, to eligible individuals while ensuring that assistance does not duplicate benefits from other programs. The bill also includes provisions for the licensing and regulation of residential contractors and adjusters, emphasizing consumer protection and transparency in the claims process. Key amendments include the prohibition of financial interests that could compromise adjusters' loyalty to insured clients and the establishment of penalties for noncompliance with the new regulations.

Statutes affected:
Introduced: 16.28, 16.232, 16.57B, 29C.6, 422.35, 507B.4, 515.137A, 505.8, 522B.5A, 522C.2, 522C.4, 522C.5, 522C.6, 522C.15, 522B.11, 522F.3, 8.55