Disaster Resilience Rebuilding Program

How it works

SB22-206 creates the Disaster Resilience Rebuilding Program in the Colorado Division of Local Government. The program is meant to provide loans and grants to homeowners, owners of residential rental property, businesses, governmental entities, and other organizations working to rebuild after a disaster emergency.

The division may contract with a governmental entity, bank, community development financial institution, or other entity to administer the program. The division or administrator must set policies for:

• application requirements
• eligibility requirements
• maximum assistance levels
• loan terms
• equitable outreach
• specific criteria for allowable loan and grant uses

The division must prioritize applicants who show their needs cannot be met by other sources of assistance.

What the money covers

Loans and grants may be used to:

• subsidize repair or rebuilding costs for a homeowner’s primary residence that are not sufficiently covered by homeowner insurance or federal assistance, including costs of rebuilding to advanced fire resistance standards and replanting climate ready trees and vegetation
• repair or reconstruct housing stock in areas with a shortage of available housing, including work by housing authorities and nonprofit organizations, or by owners of rental housing who agree to provide affordable rent or temporary rental assistance to displaced renters
• rebuild neighborhoods to better resist the impacts of natural disasters
• provide operating capital to a business after loss or interruption of business, or to repair/replace damaged business property and inventory
• reimburse governmental entities for costs tied to a declared disaster that are not covered by available federal assistance, including infrastructure repairs and replacement of lost revenue
• assist eligible applicants with other related unmet needs allowed by division policies

Amounts and funding

The act creates a $15 million disaster resilience rebuilding program fund. The money is continuously appropriated to the division for the rebuilding program. The bill summary does not state a homeowner maximum award amount, matching requirement, or loan interest terms.

How to apply

The bill summary does not provide a homeowner application portal, form, or step-by-step application process. It only says the program administrator must create application and eligibility policies.

Timing and deadlines

The source provided is the enacted bill summary. It does not give an open date, close date, or current application window.