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Helene & Milton Hurricane Recovery: Funds, Loans, and Tax Credits.

This act aims to provide financial aid and support to areas affected by Hurricanes Helene and Milton. It includes disaster relief funds, small business loans, and special tax credits for low-income communities impacted by these events. Additionally, it reallocates funding from certain assistance programs.
Key points
Allocates $12.5 billion for disaster relief, potentially speeding up support for individuals and communities affected by natural disasters.
Provides $1.5 billion for small business loans, helping entrepreneurs rebuild after damages.
Establishes an additional $1 billion New Markets Tax Credit for low-income communities affected by the hurricanes, encouraging investment in these areas.
Terminates funding for FEMA's Shelter and Services Program, redirecting its funds to general disaster relief efforts.
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Additional Information
Helene Recovery Support Act
Print number: HR 10088
Sponsor: Rep. Foxx, Virginia [R-NC-5]
Process start date: 2024-11-01