(a) Establishment.--The Eligible Homeowner Grant Program is
established and shall be administered by the department. Grants
provided under this program shall be used to reimburse eligible
homeowners.
(b) Award of grant.--The department may award a grant to
each eligible homeowner for 50% of the homeowner's remediation
costs to repair damage due to an improperly installed stucco
wall exterior, with a maximum grant award of $50,000.
(c) Guidelines.--Within 60 days of the effective date of
this section, the department shall establish grant eligibility,
application and other guidelines for the administration of this
program. The department may consider factors that it deems
relevant, including the ability to maintain the money in the
fund in a financially sound manner.
Section 5. Low-Interest Loan Program.
(a) Establishment.--The Low-Interest Loan Program is
established and shall be administered by the department. Loans
provided under this program shall be used to reimburse eligible
homeowners.
(b) Award of loan.--The department may award a loan to
eligible homeowners to assist in covering expenses directly
associated with repairing damage from an improperly installed
stucco exterior wall covering.
(c) Loan amount.--The amount of a loan made to an eligible
homeowner shall be the total remediation costs incurred to
repair damage due to an improperly installed stucco wall
exterior minus the amount of any grant received under section 4,
with a maximum loan amount of $50,000.
(d) Guidelines.--Within 60 days of the effective date of
this section, the department shall establish loan eligibility,
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