Hurricane Katrina Response Act - Louisiana Recovery Corporation Act - Establishes the Louisiana Recovery Corporation as an independent establishment in the executive branch whose primary mission shall be the economic stabilization and redevelopment of areas within Louisiana that were devastated or significantly distressed by Hurricane Katrina or Hurricane Rita.
Authorizes parishes and municipalities of over 25,000 people to designate local advisory councils to assist the Corporation.
Directs the Corporation to establish the following divisions: (1) Environment and Land Use Management; (2) Economic Development; (3) Property Acquisition; (4) Property Management; (5) Property Disposition; and (6) Urban Homesteading and Community and Faith-Based Organizations.
States that the Corporation shall not have eminent domain authority.
Sets forth Corporation authority with respect to: (1) property acquisition and mortgage debt assumption; and (2) asset disposition.
Terminates the Corporation ten years after enactment of this Act.
Makes specified funds available to Hurricane Katrina-affected areas for: (1) emergencies and other natural disasters in FY2005; (2) grants to public housing agencies for demolition, site revitalization, replacement housing, and tenant-based assistance grants; (3) the HOME investment partnership program; (4) community development block grant assistance; and (5) emergency rental assistance vouchers.