The bill, S.B. No. 2924, establishes a new grant program aimed at hurricane and windstorm loss mitigation for single-family residential properties in Texas. It introduces Chapter 1813 to the Insurance Code, which outlines the program's purpose, eligibility criteria, and operational guidelines. The program is designed to provide grants to homeowners for retrofitting their properties to better withstand hurricane and windstorm damage. Eligible applicants must own a single-family home or HUD-code manufactured home that serves as their residence homestead and meet additional requirements set by the commissioner.

The bill also details the administration of the program, including the establishment of a dedicated Hurricane and Windstorm Mitigation Account within the general revenue fund, which will be used exclusively for implementing the program. The commissioner is granted the authority to adopt necessary rules, award grants, and ensure compliance with local building codes during retrofitting projects. Additionally, the bill allows for the possibility of nonprofit organizations to administer grants for retrofitting eligible properties, ensuring that the program's objectives are met effectively. The act is set to take effect on September 1, 2025.

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