Sec. 208. Affordability vouchers
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Chapter I of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011 et seq.), as amended by section 205 of this Act, is further amended by adding at the end the following: In this section— the term area median income means, with respect to an area, the area median income for the area, as defined for the applicable year by the Secretary of Housing and Urban Development; the term eligible household means an owner-occupied household— that has a total household income that is less than 165 percent of the area median income for the area in which the household is located; for which the cost of flood insurance premiums, surcharges, and fees in a year would result in excess costs for the household for that year; and that— renews an existing flood insurance policy under the national flood insurance program for building coverage for a property that is in an area having special flood hazards; or purchases a flood insurance policy under the national flood insurance program for building coverage for an existing structure that was owned and occupied by the household before the date on which the building was determined to be located in an area having special flood hazards due to a revision of, or an update to, a floodplain area or flood risk zone that is identified, delineated, or established by the Administrator; the term excess costs means— for a household that has a total household income that is greater than 80 percent of the area median income for the area in which the household is located, the amount by which— the sum of— the total amount of premiums, surcharges, and fees paid by a household in a year with respect to a flood insurance policy provided under this title; and the housing expenses incurred by the household in that year; exceeds 40 percent of the total household income for the household in that year; and for a household that has a total household income that is not greater than 80 percent of the area median income for the area in which the household is located, the amount by which the flood insurance premiums, surcharges, and fees for a flood insurance policy provided under this title in a year for the household exceeds 1 percent of the coverage limit of that flood insurance policy under section 1306(b); 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; and homeowners insurance.
The Administrator shall, when the Administrator determines appropriate, provide a voucher to an eligible household in accordance with subsection
(c)to use toward the payment of flood insurance premiums, surcharges, and fees incurred by the household in the year for which the voucher is provided. Subject to paragraph (2), the Administrator shall provide a voucher to an eligible household as follows: An eligible household that has a total household income that is not greater than 80 percent of area median income shall receive a voucher in an amount that is equal to 100 percent of the excess costs incurred by the household for the year preceding the year in which the eligible household receives the voucher. An eligible household that has a total household income that is greater than 80 percent of area median income and not greater than 120 percent of area median income shall receive a voucher in an amount that is equal to 80 percent of the excess costs incurred by the household for the year preceding the year in which the eligible household receives the voucher. An eligible household that has a total household income that is greater than 120 percent of area median income and less than 165 percent of area median income shall receive a voucher in an amount that is equal to 60 percent of the excess costs for the year preceding the year in which the eligible household receives the voucher. The Administrator may not provide a voucher to an eligible household in an amount that is more than the total amount that the eligible household paid in premiums, surcharges, and fees for a flood insurance policy provided under this title during the year preceding the year in which the voucher is provided. .
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Sec. 208
Affordability vouchers
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