A Long-Term Disaster Recovery Fund is established in the Treasury
What the document says“There is established in the Treasury of the United States an account to be known as the ``Long-Term Disaster Recovery Fund''.”
The section establishes an account in the Treasury called the Long-Term Disaster Recovery Fund, made up of amounts appropriated, transferred, and credited to it. Money may be transferred in from amounts freed under section 106(c)(4) of the Housing and Community Development Act of 1974 and from unobligated or recaptured balances appropriated for disaster purposes under the Community Development Fund heading before the Fund existed. Amounts in the Fund stay available until spent, and grants from it are made by formula allocation.
What the document actually says“There is established in the Treasury of the United States an account to be known as the ``Long-Term Disaster Recovery Fund''.”
A new account is set up in the Treasury. It is called the Long-Term Disaster Recovery Fund.
The fund holds money for rebuilding after a disaster. Money in it does not expire at the end of a year. Older disaster money can be moved in.
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