H.R. 5473 would authorize the Federal Emergency Management Agency (FEMA) to award grants to state and tribal governments designed to mitigate the effects of future disasters on residential properties by reducing damages from flooding, wind, wildfire, and seismic activity. Under the legislation, the agency could allocate up to 10 percent of funds set aside each year for the Building Resilient Infrastructure and Communities (BRIC) program for the new grants. The BRIC program is funded through amounts that the agency sets aside within the Disaster Relief Fund. The new grant program would terminate after 2026.

The legislation also would require FEMA to report to the Congress within four years of enactment summarizing the awards made under the pilot program, including an estimate of the amount of damage avoided under the program.