A bill to provide assistance to individuals under the Disaster Relief Act of 1974 for the purchase of new homes in Santa Cruz County, California, in cases in which existing homes are required to be relocated or removed as a result of the major disaster declared on January 7, 1982.

Authorizes the President to make grants, under the Disaster Relief Act of 1974, to any individual for the purchase of a new principal residence in any case in which his or her existing principal residence is located in the Love Creek area of Santa Cruz County, California, and is required to be relocated or removed as a result of the major disaster declared on January 7, 1982.

Prohibits the amount of any such grant from exceeding an amount which when added to all other Federal disaster assistance provided to such individual, relating either to the existing principal residence or the purchase of a new one, is equal to 75 percent of the fair market value of the existing residence immediately before the disaster.