Assistance for total loss

Section 408(c)(3) of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5174(c)(3)) is amended— (1) by redesignating subparagraph (B) as subparagraph (C); and (2) by inserting after subparagraph (A) the following: (B) Total loss (i) In general In the case of a total loss of an owner occupied residence, subject to section 312, and notwithstanding subsection (h) of such section, if the cost of direct assistance under paragraph (1)(B) exceeds the cost of replacement of such residence, the President may offer financial assistance for replacement of such residence. (ii) Report to Congress In any case in which the President is authorized under clause (i) to provide financial assistance for replacement but does not offer such assistance, the President shall provide to Congress a report explaining the rationale for the decision not to provide such assistance..