U.S. Representative Kathy Castor (FL-14) has introduced the Rebuild & Save Act, a bill designed to ease the financial burden on homeowners and small businesses rebuilding after hurricanes and other natural disasters. The legislation proposes increasing the Small Business Administration (SBA) disaster loan mitigation assistance cap from 20% to 30%, potentially providing up to an additional $50,000 for eligible building improvements.

Currently, SBA programs allow disaster loan recipients to borrow an extra 20% of their base loan amount to fund critical upgrades—such as installing impact-resistant windows or elevating structures—to reduce future storm damage. Castor’s proposal would expand this allowance, offering greater financial flexibility for those rebuilding in disaster-prone regions like Tampa Bay.

The initiative stems from firsthand experiences with disaster recovery in Florida. “Families across the Tampa Bay area who are rebuilding or replacing homes due to hurricanes and floods need more resources to build back stronger and smarter—and to prevent costly damage in the future,” Castor said. She cited discussions with residents affected by Hurricanes Debby, Helene, and Milton, emphasizing the urgency of increased mitigation support. “Every $1 invested in mitigation saves $6 in future disaster recovery costs,” she added, highlighting the potential for long-term taxpayer savings.

With extreme weather events becoming more frequent and severe, the demand for federal disaster relief continues to grow. As of Feb. 19, the SBA has extended over 16,845 low-interest disaster loan offers, totaling more than $1.3 billion in assistance for hurricane-impacted individuals, families, and businesses.

Community leaders are also rallying behind the proposed changes. Courtney Stein, Vice President of the Riviera Bay Neighborhood Association and a real estate professional in St. Petersburg, underscored the importance of expanded funding. “As both a homeowner and a real estate professional, I understand the risks associated with living in a place you love,” she said. “Our home was flooded during Hurricanes Idalia and Helene, which has been emotionally and financially devastating. Unfortunately, our story is not unique—I’ve heard from countless neighbors about the urgent need for higher SBA loan percentages to rebuild effectively.”

The Rebuild & Save Act is now under congressional review, with advocates urging bipartisan support. If passed, it would mark a major shift in federal disaster recovery policy, reducing long-term reliance on emergency aid by promoting stronger, more resilient rebuilding efforts.

For full bill details and information on mitigation assistance funding, visit: https://tinyurl.com/2bbdf55w.

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(Image credit: Farmer’s Insurance)

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