Disaster Recovery Act of 2005

Authorizes the President, with respect to individuals and households receiving assistance for damages suffered as a result of Hurricane Katrina, to waive the Robert T. Stafford Disaster Relief and Emergency Assistance Act limitations on financial assistance of a maximum $5,000 (increased below to $25,000) per household for repairs, $10,000 per household for replacement of an owner-occupied private residence, and $25,000 per individual or household for a single disaster.

Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to double from 7.5% to 15% of the estimated aggregate amount of federal disaster relief grants to be made with respect to a major disaster the limit on the total amount of contributions the President may make for cost-effective hazard mitigation measures in the disaster area.

Increases from $5,000 to $25,000 the maximum amount of assistance per household allowable for repairs.

Directs the Director of the Federal Emergency Management Agency to: (1) administer state management costs in a consistent manner, in accordance with certain federal guidelines; and (2) implement a process under which the Director will approve or disapprove such costs within 30 days after they are submitted.