Sec. 103. Means-tested mitigation and affordability assistance
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Chapter I of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011 et seq.) is amended by adding at the end the following: The Administrator shall establish in the Treasury of the United States an Affordability Assistance Fund (referred to in this section as the Fund ), which shall be— an account separate from any other accounts or funds available to the Administrator; and available without fiscal year limitation. Amounts from the Fund shall be available to provide financial assistance under subsection (b).
The Fund shall be credited with any surcharges imposed and collected by the Administrator under section 1308A(a). In this subsection— the term adjusted gross income has the meaning given the term in section 62 of the Internal Revenue Code of 1986; the term covered project means a mitigation project with respect to a household that reduces the total amount of actuarial risk during a 50-year period by an amount that is greater than the total cost of the project, subject to paragraph (4); the term eligible household means a household for which— housing expenses exceed 30 percent of the adjusted gross income of the household in a year; and the total assets owned by the household are not greater than $1,000,000; and the term housing expenses means, with respect to a household, the total amount that the household spends in a year on— mortgage payments; property taxes; homeowners insurance; premiums for flood insurance under the national flood insurance program; and principal and interest payments for a loan provided under this section.
The Administrator shall provide a low- or zero-interest loan to an eligible household to fund a covered project. The Administrator shall provide a voucher, grant, or premium credit to an eligible household for a year in an amount that is equal to the lesser of— the difference between— the housing expenses of the household for the year; and 30 percent of the adjusted gross income of the household for the year; and the sum of— the cost of premiums for the household for flood insurance under the national flood insurance program for the year; and principal and interest payments for the household for the year for a loan provided under this section.
The Administrator may enter into a memorandum of understanding with the head of any other Federal agency to administer the provision of loans under paragraph (2)(A). The Administrator shall calculate the amounts under paragraph (1)(B) using a discount rate of 3 percent. .
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Sec. 103
Means-tested mitigation and affordability assistance
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