A formula must be set by regulation, with criteria for a catastrophic disaster
What the document says“The Secretary shall, by regulation, establish a formula to allocate assistance from the Fund to the most impacted and distressed areas resulting from a catastrophic major disaster.”
The new section 124 requires the Secretary to set a formula by regulation for allocating money from the Fund. It must set criteria for when a major disaster is catastrophic, considering a high concentration of damaged housing or businesses beyond what local resources could address, a method for identifying the most impacted and distressed areas, an allocation calculation covering unmet serious needs plus up to 18 percent for reducing risk from other natural disasters mainly for low- and moderate-income people, and objective criteria for reviewing and updating the formula. The Secretary must also set a minimum allocation threshold, and until final rules issue must use the published methodology with the added mitigation amount.
What the document actually says“The Secretary shall, by regulation, establish a formula to allocate assistance from the Fund to the most impacted and distressed areas resulting from a catastrophic major disaster.”
The housing agency must write a rule setting a formula. The formula splits money from the fund. It sends it to the hardest hit and most distressed places.
The rule must say when a disaster counts as catastrophic. It must find the worst hit areas. It can add up to 18 percent for guarding against the next disaster.
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