Section 304.2-450 - Strengthen Kentucky Homes Program - Purpose - Fund - Administrative regulations(1) As used in this section:(a) "Insurable dwelling": 1. Means a dwelling located or situated on, or affixed to, residential real estate; and2. Includes a single-family or multifamily dwelling, including a modular home; and(b) "Strengthen Kentucky Homes Program" or "program" means the Strengthen Kentucky Homes Program created in this section.(2) The Strengthen Kentucky Homes Program is hereby created for the purpose of providing financial grants to real property owners, building contractors, and nonprofit organizations to assist and promote the mitigation of insurable dwellings to resist losses due to catastrophic wind and hail events in accordance with FORTIFIED construction standards published by the Insurance Institute for Business and Home Safety or a successor entity.(3) To the extent funding is available under subsection (4) of this section, the commissioner shall implement and administer the program in accordance with this section.(4)(a) The Strengthen Kentucky Homes Program fund is hereby created in the State Treasury.(b) The following shall be deposited into the fund:1. All grants and funds received or raised by the commissioner under paragraph (e) of this subsection; and2. Any appropriations made to the fund by the General Assembly.(c) Notwithstanding KRS 45.229: 1. Moneys in the fund not expended at the close of a fiscal year shall not lapse but shall be carried forward to the next fiscal year; and2. Any interest earnings of the fund shall become part of the fund and shall not lapse.(d) Moneys in the fund are hereby appropriated by the General Assembly and shall be available to the commissioner for use in implementing and administering the program.(e) The commissioner shall use his or her best efforts to seek and obtain grants or funds from the federal government or other funding sources for deposit into the fund to supplement any appropriations to the fund made by the General Assembly.(5)(a) The commissioner shall promulgate administrative regulations in accordance with KRS Chapter 13A to create and establish:1. Application forms and procedures for seeking a financial grant;2. The eligibility criteria, requirements, and procedures for obtaining a financial grant, which may include but are not limited to providing financial grants to:a. Real property owners to mitigate owner-occupied insurable dwellings;b. Building contractors to become certified as FORTIFIED Trained Service Providers by the Insurance Institute for Business and Home Safety or a successor entity; andc. Nonprofit organizations to improve the wind and hail resilience of single-family insurable dwellings occupied or owned by low-income and moderate-income individuals;3. If the commissioner provides financial grants to mitigate insurable dwellings:a.i. The building standards or techniques that are required for the mitigation, which shall include but are not limited to compliance with the most recent version of any applicable FORTIFIED Home or FORTIFIED Multifamily construction standards published by the Insurance Institute for Business and Home Safety or a successor entity.ii. The commissioner shall determine through the promulgation of an administrative regulation under this subsection the specific standards and designations that are required for any insurable dwelling; andb. Eligibility criteria for building contractors and evaluators that are eligible to mitigate and inspect the insurable dwellings, respectively, which shall include a preference for Kentucky building contractors and evaluators; and4. The procedures and requirements for distributing financial grants.(b) The commissioner may promulgate administrative regulations in accordance with KRS Chapter 13A to establish any additional rules and eligibility requirements that are necessary for the proper implementation and administration of this section, including but not limited to the collection of documentation necessary to allow for any auditing of the program that is required under the terms of a grant or other funds received by the program.(6) Any financial grant provided under the program to mitigate an insurable dwelling shall be contingent upon the real property owner securing all required permits and applicable inspections in accordance with local building codes.(7) Nothing in this section shall be construed to create an entitlement for property owners, building contractors, or nonprofit organizations to obtain funds for, or obligate the state in any way to fund, any activity for which a financial grant is permitted under this section.Added by 2024 Ky. Acts ch. 102,§ 1, eff. 7/15/2024.