This act makes an entity seeking assistance under a hazard mitigation assistance program eligible to receive such assistance for certain projects already in progress. Specifically, this act covers a project that is an acquisition and demolition project for which an entity began implementation, including planning or construction, before or after requesting assistance for the project under a hazard mitigation assistance program; and qualifies for a categorical exclusion under the National Environmental Policy Act of 1969. The Federal Emergency Management Agency (FEMA) must have determined that the project qualifies for a categorical exclusion, is compliant with applicable floodplain management and protection of wetland regulations and criteria, and does not require consultation under any other environmental or historic preservation law or regulation or involve any extraordinary circumstances. FEMA must report to Congress, within 180 days of enactment and annually thereafter for three years, on use of the authority under this act. Such authority terminates three years after enactment.