SEC-934 -- RURAL HOUSING. 

 
 Title V of the Housing Act of 1949 (42 U.S.C. 1471 et seq.) is amended
by adding at the end the following new section:
"disaster assistance
 
 "Sec. 541. (a) Authority.-
 
 "(1) In general.-Notwithstanding any other provision of this title,
in the event of a natural disaster, so declared by the President under
the Robert T. Stafford Disaster Relief and Emergency Assistance Act, the
Secretary shall allocate, for assistance under this section to the
States affected for use in the counties designated as disaster areas and
the counties contiguous to such counties, amounts available under this
title. Allocations under this section may be made for each of the fiscal
years ending during the 3-year period beginning on the declaration of
the disaster by the President.
 
 "(2) Amount.-Subject to the availability of amounts pursuant to
appropriations Acts, assistance under paragraph (1) shall be made in an
amount equal to the product of-
 
 "(A) the sum of the official State estimate of the number of dwelling
units in the counties described in paragraph (1) within the eligible
service area of the Farmers Home Administration (or otherwise if the
Secretary provides for a waiver under subsection (d)) that are destroyed
or seriously damaged; and
 
 "(B) 20 percent of the average cost of all dwelling units assisted by
the Secretary in the State during the previous 3 years.
 
 "(b) Use.-The assistance made available under this section may be used
for the housing purposes authorized under this title, and the Secretary
shall issue such regulations as may be necessary to carry out this
section to assure the prompt and expeditious use of such funds for the
restoration of decent, safe, and sanitary housing within the areas
described in subsection (a)(1). In implementing this section, the
Secretary shall evaluate the natural hazards to which any permanent
replacement housing is exposed and shall take appropriate action to
mitigate such hazards.
 
 "(c) Eligibility.-Notwithstanding any other provision of this title,
assistance allocated under this section shall be available to units of
general local government and their agencies and to local nonprofit
organizations, agencies, and corporations for the construction or
rehabilitation of housing for agricultural employees and their families.
 
 "(d) Waiver of Rural Area Requirements.-The Secretary may waive the
application of the provisions of section 520 with respect to assistance
under this section, as the Secretary considers appropriate.
 
 "(e) Rural Housing Insurance Fund.-The Secretary is authorized to
advance from the Rural Housing Insurance Fund such sums as may be
necessary to meet the requirements of subsection (a)(1), subject to
limits previously approved in appropriations Acts.".
Subtitle C-Regulatory Programs