Housing Opportunities and Mitigating Emergencies Act of 2005 - Amernds the Robert T. Stafford Disaster Relief and Emergency Assistance Act to require the Director of the Federal Emergency Management Agency (FEMA) to provide temporary emergency assistance for primary residences damaged or destroyed by Hurricanes Katrina and Rita.
Increases from 75% to 90% the amount the President may contribute toward the cost of cost-effective hazard mitigation measures which substantially reduce the risk of future damage, hardship, loss, or suffering in any area affected by a major disaster. Doubles from 7.5% to 15% of the estimated aggregate federal disaster relief grants to an area the limit on the total amount of such presidential contributions.