Requires such Initiative to set research objectives (based on a National Science Board report on the need for such Initiative) to: (1) make recommendations to the Board and to the National Oceanic and Atmospheric Administration (NOAA) Science Advisory Board; (2) assemble the science and engineering expertise of state or local government agencies and nongovernmental entities through a multi-agency effort focused on improving severe tropical storm forecasting capabilities, on durable and resilient infrastructure, and on mitigating impacts on coastal populations, the coastal built environment, and the natural coastal environment; and (3) make grants for hurricane research, including regarding storm internal dynamics, predicting high winds, tornadoes, and storm surge, and improving measurements of hurricanes and tropical storms through specified technologies.

Directs the White House Office of Science and Technology Policy, through the National Science and Technology Council, to coordinate U.S. activities related to the Initiative as a formal program with a well-defined organizational structure and execution plan.

Directs the Under Secretary and the Director to: (1) issue a request for proposals to undertake the basic and applied research with a sufficient annual budget to accomplish the desired research results during a 10-year term; (2) establish a National Infrastructure Database; and (3) develop a National Hurricane Research Model.