110 HR 6750 IH: Whatever It Takes To Rebuild U.S. House of Representatives 2008-07-31 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 6750 IN THE HOUSE OF REPRESENTATIVES July 31, 2008 Mrs. Maloney of New York introduced the following bill; which was referred to the Committee on Transportation and Infrastructure A BILL To amend the Robert T. Stafford Disaster Relief and Emergency Assistance Act to modify the terms of the community disaster loan program, and for other purposes.

1.

Short title

This Act may be cited as the Whatever It Takes To Rebuild Act.

2.

Findings

Congress finds the following: (1)Major disasters, including natural disasters and disasters caused by terrorist acts, often result in a decline in economic activity in areas affected by the disaster and a reduction in tax collections by State and local governments serving those areas. (2)A report of the Government Accountability Office entitled September 11: Recent Estimates of Fiscal Impact of 2001 Terrorist Attack on New York, dated March 2005, confirmed prior estimates that— (A)New York City lost between $2,500,000,000 and $2,900,000,000 in tax revenues for fiscal years 2002 and 2003; and (B)the State of New York lost $2,900,000,000 for fiscal years 2002 and 2003. (3)Under the community disaster loan program (in this section referred to as the CDL program), as authorized by the Robert T. Stafford Disaster Relief and Emergency Assistance Act, the President may make loans to a local government suffering a substantial loss of tax and other revenues as a result of a major disaster, if the local government demonstrates a need for financial assistance in order to preform its governmental function. (4)The President may cancel the repayment of all or any part of a loan made to a local government under the CDL program if revenues following the disaster are insufficient to meet the operating budget of that local government as a result of disaster-related revenue losses and additional unreimbursed disaster-related municipal operating expenses. (5)Assistance made available under the CDL program is often instrumental in aiding the full recovery of a local government following a major disaster. (6)The Disaster Mitigation Act of 2000 established a $5,000,000 limitation on loans made to a local government under the CDL program in connection with a major disaster. Before the date of enactment of such Act, there was not any limitation on the amount of such loans. (7)The $5,000,000 limitation is inequitable when applied to a local government serving a largely populated area, such as New York City, and is inconsistent with the objective of the CDL program to provide meaningful assistance to a local government recovering from a major disaster.

3.

Community disaster loans

(a)

Eligibility of States

Section 417 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5184) is amended by striking local government each place it appears and inserting State or local government. (b)

Amount

Section 417(b) of such Act (42 U.S.C. 5184(b)) is amended— (1)in the matter preceding paragraph (1) by striking based on need, shall and inserting based on need and shall; and (2)in paragraphs (1) and (2) by striking , and shall not exceed $5,000,000. (c)

Catastrophic events

Section 417 of such Act (42 U.S.C. 5184) is amended by adding at the end the following: (e)

Catastrophic events

In the case a loan made under this section to a State or local government which may suffer a substantial loss of tax and other revenues as a result of a major disaster that the President determines to be a catastrophic event— (1)the amount of the loan shall not be subject to the percentage limitations in subsection (b); and (2)the President shall not require the payment of any interest or principal on a loan. .