H.R. 10122 — STORM FORTIFIED and Wildfire Prepared Act

This section defines terms used throughout the Act, including the Administrator as the FEMA Administrator; area median income as the mean income in a property's locality per the most recent HUD publication; entities as states and territories eligible for STORM Revolving Loan Fund capitalization grants; Fortified Roof as a roof meeting IBHS FORTIFIED standards with sealed deck, enhanced edges, and ring-shank fasteners; eligibility criteria for homeowner mitigation grants requiring primary residence, insurance coverage, and FORTIFIED or Wildfire Prepared Home designation upon completion; state agencies authorized to administer such grants; and Wildfire Prepared Home as a home meeting IBHS standards at Essential or Enhanced levels verified by third-party inspection.

This section authorizes appropriations of $100 million for each of fiscal years 2027 through 2036, to remain available until expended, to capitalize or recapitalize STORM FORTIFIED Roof Revolving Loan Funds administered by the Federal Emergency Management Agency.

This section authorizes the Administrator to make capitalization grants to eligible entities for establishing STORM Fortified Roof revolving loan funds that provide loans to homeowners for installing FORTIFIED Roof, FORTIFIED Home, or Wildfire Prepared Home mitigation measures. Entities must deposit at least 35 percent of each grant into the fund, which may be administered jointly with other revolving funds if separately accounted for. Loans carry interest rates of 1 percent or less, with repayment periods of up to 20 years (or 30 years in low-income areas). Annual administrative costs are capped at the greater of $100,000, 2 percent of the grant, or 1 percent of fund value. The Administrator may reserve up to 3 percent of funds for technical assistance and oversight, and each entity must submit annual intended-use plans after public comment.

This section requires state agencies receiving loans from revolving loan funds to establish homeowner grant programs limited to FORTIFIED Roofs and improvements meeting FORTIFIED Home or Wildfire Prepared Home standards. Grants may cover up to $10,000 per project and require primary residence status, proof of applicable wind, flood, or fire insurance, and no duplicate funding; states must forgive repayment for homeowners below 120 percent of area median income.