Property Mitigation Assistance Act of 2008

[AI summary unavailable — showing source text] Property Mitigation Assistance Act of 2008 - Amends the Robert T. Stafford Disaster Assistance and Emergency Relief Act to direct the Administrator of the Federal Emergency Management Agency (FEMA) to establish a grant program to provide assistance to states to promote pre-disaster property mitigation measures within their jurisdictions. Requires a state, to be eligible for assistance, to have: (1) submitted a mitigation plan; (2) established a process for accepting and processing grant and loan applications from individual homeowners and business owners; (3) established a revolving loan fund into which any grant amounts received under this Act shall be deposited; and (4) submitted a detailed plan for how terms and conditions for authorized loans and grants will be set. Directs the Administrator to allocate grant amounts to eligible states according to a formula based on specified factors, including the nature and extent of potential hazards to property in the state, the number of properties at risk in the event that a hazard or natural disaster should occur, the amount of prior property damage incurred by the state during any previous hazard or natural disaster, and any available …