Sec. 103. Means tested affordability voucher
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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 the amounts saved as a direct result of the limitation imposed under section 1311(b). 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 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 in an amount that is not greater than 220 percent of the median household income for the State in which the household is located; or with respect to a household that has a total household income that is not greater than 120 percent of the area median income for the area in which the household is located, the amount of 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 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; homeowners insurance; and premiums for flood insurance under the national flood insurance program.
The Administrator shall provide a voucher, grant, or premium credit to an eligible household for a year in an amount that, subject to subparagraph (B), 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 cost of premiums for the household for flood insurance under the national flood insurance program for the year. The amount of the assistance provided under subparagraph
(A)to an eligible household shall be reduced by 1 percent for each percent that the income of the eligible household exceeds 120 percent of the median household income for the State in which the property that is the subject of the assistance is located. The Administrator may enter into a memorandum of understanding with the head of any other Federal agency to administer the paragraph (2)(A). .
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Sec. 103
Means tested affordability voucher
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