A bill to allow for expanded uses of funding allocated to Louisiana under the hazard mitigation program while preserving the goals of the program to reduce future damage from disasters through mitigation.

Prohibits the Administrator of the Federal Emergency Management Agency (FEMA) from barring the use by Louisiana under its Road Home Program of specified amounts provided under FEMA's hazard mitigation grant program because of Hurricanes Katrina and Rita based upon the existence of a Program requirement that: (1) limits the amount made available to an eligible homeowner who does not agree to remain an owner and occupant of a home in Louisiana; or (2) waives the applicability of such limitation for homeowners who are elderly or senior citizens.

Directs the Administrator to implement mechanisms to simplify the expedited distribution of such funds, including: (1) creating a programmatic cost-benefit analysis to provide a means of conducting cost-benefit analysis by project type and geographic factors rather than on a structure-by-structure basis; and (2) developing a streamlined environmental review process to significantly speed the approval of project applications.

Requires the President to waive requirements regarding minimum project criteria under the Hazard Mitigation Program Grant and regarding the payment of claims or specify alternative requirements if requested by Louisiana to facilitate the timely use of funds or a guarantee provided under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. Prohibits the President from waiving any requirement relating to fair housing, nondiscrimination, labor standards, or the environment.