U.S. Rep. Kathy Castor (FL-14) on Tuesday introduced the Rebuild & Save Act, legislation that would raise the cap on mitigation funds available through the Small Business Administration’s disaster loan program, from 20 percent to 30 percent.
Under current rules, homeowners and small business owners can add 20 percent to their SBA low‐interest disaster loans to pay for upgrades such as stronger windows or elevating structures. The new bill would expand that provision, potentially offering up to an extra $50,000 for homeowners to fund improvements that could reduce damage from future hurricanes and other natural disasters.
In a statement, Castor said the measure is aimed at helping communities rebuild more resiliently while lowering long‐term recovery costs. “Every dollar invested in mitigation can save multiple dollars in future disaster recovery costs,” she said. Castor noted that the proposal follows feedback from residents in the Tampa Bay area who have been affected by recent severe weather events.
The Rebuild & Save Act now awaits consideration by lawmakers.
The full text of the Rebuild & Save Act is available here.