Relating to authorizing certain projects to be undertaken in response to a disaster by certain economic development corporations.

HB 205 allows Type B economic development corporations to provide financial assistance to businesses damaged by declared disasters (by Texas governor or U.S. president) and to support workforce development and economic stabilization in affected areas. Specifically, it authorizes grants or loans for business relocation, repair, or elevation of infrastructure, and workforce/economic stabilization efforts. All projects must be approved by the municipality, completed within two years of the disaster declaration, and properly documented for oversight. The bill amends Texas Local Government Code to create this framework for disaster recovery projects.