1. Short title This Act may be cited as the Homeowners Disaster Preparation Act of 2018 . 2. Loan program The Small Business Act ( 15 U.S.C. 631 et seq.) is amended— (1) by redesignating section 47 as section 48; and (2) by inserting after section 46 the following new section: 47. Homeowner Disaster Preparation (a) Loan program (1) Loans The Administrator may issue a loan to an eligible homeowner for purpose of pre-disaster mitigation activities. (2) Amount No loan issued under this section may exceed $10,000. (3) Interest rate The Administrator shall set the interest rate of loans issued under this section at such rates as the Administrator determines, in the aggregate, are sufficient to cover— (A) the cost of such loans; and (B) the administrative costs of carrying out this section. (4) Priority In making a determination whether to issue a loan under this section, the Administrator shall prioritize loans that the Administrator determines will have the greatest effect on the protection of life and property. (5) Authorization of funds (A) Initial appropriation There is authorized to be appropriated to the Administrator $100,000,000 to carry out this section. (B) Subsequent funds All funds collected under this section shall be deposited in an account solely for the purpose of carrying out this section. Such amounts shall be available to carry out such activities without need of further appropriation. (b) Definitions In this section: (1) The term Administrator means the Administrator of the Small Business Administration. (2) The term cost shall have the meaning given the term under section 502 of the Congressional Budget Act of 1974. (3) The term eligible homeowner means an individual who— (A) owns a single- or multi-family home located in an area that the Administrator determines to be at risk for— (i) earthquakes; (ii) flooding; (iii) wildfires; (iv) landslides; or (v) tornadoes