Text: S.2744 — 115th Congress (2017-2018)All Information (Except Text)

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Introduced in Senate (04/25/2018)

 
[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 2744 Introduced in Senate (IS)]

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115th CONGRESS
  2d Session
                                S. 2744

To establish a grant program to provide assistance to States to prevent 
           and repair damage to structures due to pyrrhotite.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 25, 2018

 Mr. Murphy (for himself and Mr. Blumenthal) introduced the following 
 bill; which was read twice and referred to the Committee on Banking, 
                       Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To establish a grant program to provide assistance to States to prevent 
           and repair damage to structures due to pyrrhotite.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Aid to Homeowners with Crumbling 
Foundations Act of 2018''.

SEC. 2. GRANT PROGRAM.

    (a) Definitions.--In this section--
            (1) the term ``covered State'' means a State that 
        administers a crumbling foundations assistance fund;
            (2) the term ``crumbling foundations assistance fund'' 
        means a fund established by a State the purpose of which is to 
        receive public or private contributions to provide financial 
        assistance to owners of residential buildings in the State to 
        repair or replace the concrete foundations of those residential 
        buildings that have deteriorated due to the presence of 
        pyrrhotite;
            (3) the term ``residential building'' means a 1-family, 2-
        family, 3-family or 4-family dwelling, including a condominium 
        unit or dwelling in a planned unit development; and
            (4) the term ``Secretary'' means the Secretary of Housing 
        and Urban Development.
    (b) Authorization.--Not later than 90 days after the date of 
enactment of this Act, the Secretary shall establish and implement a 
program to make grants to covered States to assist owners of 
residential buildings with concrete foundations that have deteriorated 
due to the presence of pyrrhotite.
    (c) Application.--A covered State desiring a grant under this 
section shall submit an application to the Secretary at such time, in 
such manner, and accompanied by such information as the Secretary may 
require.
    (d) Deposit of Funds.--A covered State receiving a grant under this 
section shall deposit any grant amounts into the crumbling foundations 
assistance fund of the State for the purpose of carrying out the 
activities described in subsection (e).
    (e) Use of Funds.--A covered State receiving a grant under this 
section shall--
            (1) develop a single, unified application for owners of 
        residential buildings to apply for all financial assistance 
        from the crumbling foundations assistance fund of the covered 
        State;
            (2) provide financial assistance to approved owners of 
        residential buildings for the repair or replacement of concrete 
        foundations that have deteriorated due to the presence of 
        pyrrhotite, including financial reimbursement to owners who 
        have had such repair or replacement performed before the date 
        of enactment of this Act;
            (3) assist approved owners of residential buildings to 
        obtain additional financing necessary to fully fund the repair 
        or replacement of concrete foundations that have deteriorated 
        due to the presence of pyrrhotite;
            (4) approve contractors or other vendors for eligibility to 
        perform foundation repairs or replacements on behalf of 
        approved owners;
            (5) ensure that the financial assistance is used solely for 
        costs of repairing and replacing concrete foundations that have 
        deteriorated due to the presence of pyrrhotite; and
            (6) require the disclosure of the amount of all financial 
        compensation received by an owner of the residential building, 
        if any, arising out of a claim for coverage under the property 
        coverage provisions of the homeowners policy for foundation 
        deterioration due to the presence of pyrrhotite and ensure that 
        the amount is considered when determining the amount of 
        financial assistance offered to the owner.
    (f) Grant Amount and Duration.--
            (1) Amount.--Each grant awarded to a covered State under 
        this section in a fiscal year shall be in an amount of not more 
        than $20,000,000.
            (2) Duration.--A grant awarded under this section shall be 
        for a period of 5 years.
    (g) Annual Report.--The Secretary shall submit to the Committee on 
Banking, Housing, and Urban Affairs of the Senate and the Committee on 
Financial Services of the House of Representatives an annual report on 
the grant program established under this section, including a summary 
of the use of funds by covered States receiving a grant under this 
section.
    (h) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section $20,000,000 for each of fiscal 
years 2019 through 2023.
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