WASHINGTON – U.S. Rep. Ashley Hinson, R-Iowa, announced that she co-sponsored the bipartisan Rebuilding Communities After Disasters Act (H.R. 4215).
This legislation increases the maximum loan amount for Small Business Administration (SBA) physical damage disaster loans from $200,000 to $400,000 for home repairs, and from $40,000 to $75,000 to replace household and personal belongings. The limits on these loans have not been increased since 1994; this legislation brings these loan limits in line with today’s home prices to help homeowners fully recover from unavoidable disasters.
Hinson is one of 35 original co-sponsors of the legislation that was introduced by U.S. Reps. María Elvira Salazar, R-Fla., Elaine Luria, D-Va., Dan Crenshaw, R-Texas, Joe Neguse, D-Colo., and Garret Graves, R-La. U.S. Rep. Mariannette Miller-Meeks, R-Iowa, along with Hinson is a co-sponsor of the bill.
“I am proud to help introduce the bipartisan Rebuilding Communities After Disasters Act to ensure homeowners in Iowa are able to get the assistance necessary to recover after disasters. As Iowans know all too well, rebuilding after a disaster is extremely expensive and difficult. Updating the SBA Disaster Loan Program and increasing its loan limit is a commonsense way to help ensure families have the resources and certainty they need to fully recover if a disaster strikes,” she said in a released statement.