Sec. 3. Permanent phase-in of premium rate increases for certain properties
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(2)of section 1307(g) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(g)(2) ) is amended by striking after the date of enactment of the Biggert-Waters Flood Insurance Reform Act of 2012 and inserting the following: on or after January 1, 2015, except that any increase in the risk premium rate charged for flood insurance resulting from this paragraph for any such property shall be phased in over a 10-year period, at the rate of 10 percent for each year following such purchase . Subsection
(h)of section 1308 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015(h) ) is amended— in the first sentence, by inserting before the period at the end the following: and to section 2(b) of the ; and Flood Insurance Premium Relief Act of 2013 in the second sentence— by striking Any increase and inserting In the case of any such update that takes effect on or after January 1, 2015, any increase ; and by striking 5-year period, at the rate of 20 percent and inserting 10-year period, at the rate of 10 percent .
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