H.B. No. 305 proposes the establishment of a Flood Recovery Loan Program under a new Subchapter N in Chapter 418 of the Government Code, aimed at providing low-interest loans to individuals whose properties have been affected by flood-related disasters. The bill introduces key definitions such as "disaster area," "eligible property," and "fund," which refers to the flood recovery loan fund established under Section 418.507. The program is designed to assist eligible individuals in repairing, replacing, or enhancing their properties for improved flood resilience, with specific guidelines on loan usage, eligibility criteria, and terms. It also outlines the administration of the program, including monitoring processes, a toll-free assistance line, and stipulations for loan usage, maximum amounts, and potential loan forgiveness.

Additionally, the bill mandates the creation of a publicly accessible dashboard that will be updated quarterly to provide information on loan applications, approvals, and demographic distributions. The Texas Division of Emergency Management is responsible for implementing the program and is required to submit an annual report detailing the fund's financial status and audit findings. A sunset review of the program will occur every state fiscal biennium, conducted by the Sunset Advisory Commission, to evaluate its effectiveness and recommend improvements. The act will take effect immediately with a two-thirds vote from both houses or 91 days after the legislative session if not passed.

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