Sec. 3. Premium rates for certain mitigated properties
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Paragraph
(1)of section 1361(d) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4102(d)(1) ) is amended— in subparagraph (A), by striking and at the end; in subparagraph (B), by striking and at the end; and by inserting after subparagraph
(B)the following new subparagraphs: with respect to buildings in dense urban environments, methods that can be deployed on a block or neighborhood scale; and elevation of mechanical systems; and . Subsection
(k)of section 1308 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015(k) ) is amended— by striking shall take into account and inserting the following: shall— take into account ; in paragraph (1), as so designated by the amendment made by paragraph
(1)of this subsection, by striking the period at the end and inserting ; and ; and by adding at the end the following new paragraph: offer a reduction of the risk premium rate charged to a policyholder, as determined by the Administrator, if the policyholder implements any mitigation method described in paragraph (1). .
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