The bill amends Chapter 27-76 of the General Laws to create the "Strengthen Rhody Homes" program within the Department of Business Regulation, Division of Insurance. This initiative aims to provide a framework for grants to residential property owners in Rhode Island for resilience construction or retrofitting to protect homes against hurricanes and other catastrophic events. The program is contingent upon the availability of federal grants or other funding sources and does not establish an entitlement for property owners. The insurance superintendent is tasked with seeking additional funding, which may also extend to nonprofit entities for similar projects.

Eligibility for grants is defined by specific criteria, including the requirement that the property be an owner-occupied single-family residence that meets standards set by the Insurance Institute for Business and Home Safety (IBHS). The bill outlines the qualifications and responsibilities of contractors and evaluators involved in the program to ensure transparency and avoid conflicts of interest. Additionally, a revolving fund is established to manage financial resources for the program, ensuring that funds are used exclusively for its intended purpose. The act is designed to take effect immediately upon passage.

Statutes affected:
7865: 35-4-27