H.B. No. 217 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. The program is designed to assist eligible individuals in repairing, replacing, or upgrading their properties to improve flood resilience, covering expenses like debris removal and property repairs. Eligibility criteria require applicants to own eligible property and demonstrate proof of flood-related damage, with loans having a maximum term of 30 years and interest rates set at 2% for primary residences or businesses.

Additionally, the bill mandates the creation of a publicly accessible dashboard that will be updated quarterly, providing information on loan applications and demographic distributions. The Texas Division of Emergency Management is responsible for monitoring the program, ensuring compliance, and developing outreach efforts. The bill also includes provisions for loan forgiveness for low-income applicants and establishes a special fund for program management. A sunset review of the program will occur every state fiscal biennium, conducted by the Sunset Advisory Commission, to evaluate its administration and recommend improvements. The act will take effect immediately with a two-thirds vote or 91 days after the legislative session if not passed.

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