text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Mortgage and Rental Disaster Relief 
  Act of 2007''.
  
  SEC. 2. DISASTER RELIEF.
  
      Section 408(c) of the Robert T. Stafford Disaster Relief and 
  Emergency Assistance Act (42 U.S.C. 5174(c)) is amended by adding at 
  the end the following:
              ``(5) Temporary mortgage and rental payments.--
                      ``(A) Definitions.--In this paragraph--
                              ``(i) the term `adjusted gross income' 
                          means the adjusted gross income (as that term 
                          is defined in section 62 of the Internal 
                          Revenue Code of 1986) of the relevant 
                          individual or household for the last taxable 
                          year that such individual or household filed a 
                          tax return; and
                              ``(ii) the term `financial hardship caused 
                          by a major disaster' means that an individual 
                          or member of a household--
                                      ``(I) is employed by a business, or 
                                  owns a business, located in the area 
                                  for which the President declared the 
                                  relevant major disaster;
                                      ``(II) became unemployed, or lost 
                                  significant income, because the 
                                  employer or business of that individual 
                                  or member of a household has or, on the 
                                  day before the date of the relevant 
                                  major disaster, had a significant 
                                  business relationship with a business 
                                  located in the area for which the 
                                  President declared the relevant major 
                                  disaster; or
                                      ``(III) resides in the area for 
                                  which the President declared the 
                                  relevant major disaster and has 
                                  suffered financially due to travel 
                                  restrictions or station or road 
                                  closures in effect after the date of 
                                  that major disaster.
                      ``(B) Authorization.--In accordance with this 
                  paragraph, the President may provide assistance on a 
                  temporary basis in the form of mortgage or rental 
                  payments to or on behalf of individuals and households 
                  who, as a result of financial hardship caused by a 
                  major disaster, have received written notice of 
                  dispossession or eviction from a residence by reason of 
                  a foreclosure of any mortgage or lien, cancellation of 
                  any contract of sale, or termination of any lease, 
                  entered into before such major disaster.
                      ``(C) Eligibility.--
                              ``(i) Income.--
                                      ``(I) In general.--Except as 
                                  provided in subclause (II), an 
                                  individual or household may receive 
                                  assistance under this paragraph if the 
                                  adjusted gross income of that 
                                  individual or household was not more 
                                  than $75,000.
                                      ``(II) Areas with a high cost of 
                                  living.--An individual or household 
                                  that, on the day before the date of the 
                                  relevant major disaster, resided in an 
                                  area with a high cost of living, as 
                                  determined by the President, may 
                                  receive assistance under this paragraph 
                                  if the adjusted gross income of that 
                                  individual or household was not more 
                                  than $100,000.
                              ``(ii) Adjustment.--The President shall 
                          adjust the limits established under clause (i) 
                          annually to reflect inflation.
                      ``(D) Period of assistance.--Assistance under this 
                  paragraph shall be provided for the duration of the 
                  period of financial hardship caused by a major 
                  disaster, not to exceed 18 months.
                      ``(E) Procedures.--
                              ``(i) In general.--An individual or 
                          household seeking assistance under this 
                          paragraph shall submit an application in such 
                          manner and accompanied by such information as 
                          the President shall establish, which shall 
                          include a requirement that such an individual 
                          or household sign a statement indicating that 
                          individual or household meets the eligibility 
                          requirements under subparagraph (C).
                              ``(ii) Lack of records.--If an individual 
                          or household does not have access to records 
                          necessary to demonstrate eligibility under 
                          subparagraph (C), that individual or household 
                          shall submit such records not later than 6 
                          months after the date that individual or 
                          household applies for assistance under this 
                          paragraph.
                              ``(iii) Ineligible recipients.--If an 
                          individual or household receives assistance 
                          under this paragraph and was not eligible to 
                          receive such assistance, that individual or 
                          household shall return the full amount of that 
                          assistance to the Government.''.
  
  SEC. 3. APPLICABILITY.
  
      The amendment made by this Act shall apply to any major disaster 
  (as that term is defined in section 102 of the Robert T. Stafford 
  Disaster Relief and Emergency Assistance Act (42 U.S.C. 5122)) declared 
  on or after October 21, 2007.
target: Mortgage and Rental Disaster Relief Act of 2007 - Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to authorize the President to provide temporary assistance in the form of mortgage or rental payments to or on behalf of individuals and households who, as a result of financial hardship caused by a major disaster, have received written notice of dispossession or eviction from a residence because of a foreclosure of mortgage or lien, cancellation of sales contract, or lease termination, entered into before such disaster.
  
  Defines such a "financial hardship" to include: (1) the loss of employment or significant income because a job, a business, or a business interest was located in a disaster area; or (2) suffering financially because of travel restrictions or station or road closures affecting residents of such area.
  
  Restricts eligibility for such assistance to individuals or households who have an adjusted gross income of not more than $75,000 ($100,000 for individuals or households who resided in an area with a high cost of living). Directs the President to adjust the limits annually to reflect inflation. Allows assistance to be provided for the duration of the period of financial hardship caused by the disaster, not to exceed 18 months. Requires recipients determined to be ineligible to return the full amount of assistance to the government.
  
  Makes this Act applicable to any major disaster declared on or after October 21, 2007.
feat_title: A bill to amend the Robert T. Stafford Disaster Relief and Emergency Assistance Act, to authorize temporary mortgage and rental payments.