Sec. 206. Mitigation provisions
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Section 1361(d)(1) 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: 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 . Section 1308(k) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015(k) ) is amended— by striking shall take into account and inserting “shall— take into account ; in paragraph (1), as so designated, by striking the period at the end and inserting ; and ; and by adding at the end the following: offer a reduction of the risk premium rate charged to a policyholder in an amount that is not less than 10 percent of that rate if the policyholder implements any mitigation method described in paragraph (1). . Section 1306 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4013 ) is amended by adding at the end the following: In this subsection, the term cooperative building has the meaning given the term in section 1312(d). Notwithstanding any other provision of law, an owner of a share of a cooperative building shall be eligible to purchase flood insurance coverage under the national flood insurance program on the same terms as a condominium owner. . Section 1312 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4019 ) is amended— in subsection (c)— in the subsection heading, by inserting after and cooperative ; condominium by inserting or owners of a share of a cooperative building after condominium owners ; and by inserting or cooperative association after condominium association each place that term appears; and by adding at the end the following: In this section, the terms cooperative association and cooperative building have the meanings given the terms by the Administrator. .
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