Mitigation grant program

(a) Establishment The Secretary of Housing and Urban Development shall establish and carry out a program to provide grants to eligible entities to develop, enhance, or maintain programs to prevent and mitigate losses from natural catastrophes. (b) Grants A grant provided under subsection (a) shall be used to reduce loss of life and property by— (1) encouraging awareness of risk factors and what steps can be taken to eliminate or reduce them, including public education campaigns to promote citizen and community preparedness; (2) assisting in the determination of the location of risk by giving careful consideration to the natural risks for the location of a property; (3) providing inspections of homes to identify areas to strengthen such homes and reduce exposure to natural catastrophes; (4) providing financial assistance to homeowners to retrofit homes to reduce exposure to natural catastrophes; or (5) supporting disaster response readiness programs, including initiatives that develop, enhance,or maintain the capacity of a public safety organization to be better prepared, equipped, and trained to respond to natural catastrophes. (c) Priority In making grants under the program under subsection (a), the Secretary shall give priority to applicants demonstrating greater financial need, including applicants serving lower income individuals and areas. (d) Consultation with experts In carrying out the program established under subsection (a), the Secretary of Housing and Urban Development shall consult with— (1) disaster preparedness and response organizations; (2) homebuilders; (3) real estate professionals; (4) building code enforcement agencies; and (5) any other person that the Secretary considers appropriate. (e) Eligible entity defined In this section, the term eligible entity means a State or local government, a part or program of a State or local government, or a nationally recognized, congressionally chartered disaster response non-profit organization. (f) Grant mandate The Secretary shall, to the extent provided in advance in appropriation Acts, use not less than 35 percent of the net investment income from the Federal Natural Catastrophe Reinsurance Fund earned in each fiscal year pursuant to section 305(d) for grants under this section.