This legislation establishes a Long-Term Disaster Recovery Fund in the U.S. Treasury and creates a new Community Development Block Grant Disaster Recovery (CDBG-DR) program within the Department of Housing and Urban Development (HUD). Its primary goal is to provide predictable and efficient assistance for disaster relief, long-term recovery, housing and infrastructure restoration, and economic revitalization following catastrophic major disasters. The bill also establishes an Office of Disaster Management and Resiliency within HUD to coordinate the Department's disaster-related responsibilities and support communities. The CDBG-DR program authorizes the Secretary of HUD to make grants from the Fund, allocated by a formula based on damage concentration and grantee capacity, with a focus on the most impacted and distressed areas. The formula will identify catastrophic major disasters and allocate funds considering unmet needs in housing, economic revitalization, and infrastructure, including an additional amount for mitigation activities. Up to 30 percent of the total estimate of unmet needs can be allocated for mitigation, with a particular focus on reducing repetitive property loss and critical infrastructure damage. Grantees, including states, local governments, and Indian tribes, must submit plans detailing their proposed activities, ensuring public consultation and prioritizing assistance for extremely low-, low-, and moderate-income persons and vulnerable populations. At least 70 percent of grant funds must benefit low- and moderate-income persons, unless a specific waiver is granted. Plans must also address affordable housing needs, prolonging housing and infrastructure life, and incorporating cost-effective mitigation measures. The bill mandates robust financial controls and procedures to prevent fraud, waste, abuse, and duplication of benefits, requiring grantees to certify their compliance. It also authorizes extensive data sharing agreements between HUD, FEMA, and the Small Business Administration (SBA) to ensure efficient delivery of benefits and prevent duplication, while safeguarding privacy. Grantees are required to report information on assisted households and businesses, which HUD will share with other federal agencies. The Secretary of HUD is granted authority to waive certain statutory or regulatory provisions, except for those related to fair housing, non-discrimination, labor standards, and environmental protections, provided good cause exists and it aligns with the bill's findings. Funds in the Long-Term Disaster Recovery Fund remain available until expended, with a general six-year deadline for grantees to use funds, subject to extensions. The bill requires HUD to issue proposed rules within six months and final regulations within one year of enactment.