Sec. 107. Coverage limits
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Section 1306 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4013 ), as amended by section 106(a), is amended— in subsection (b)— in the matter preceding paragraph (1), by striking In addition to any other terms and conditions under subsection (a), such regulations and inserting The Administrator ; in paragraph (2)— by striking shall be made and inserting may be made ; and by striking $250,000 and inserting the baseline amount ; in paragraph (3)— by striking shall be made and inserting may be made ; and by striking $100,000 and inserting 50 percent of the baseline amount ; and in paragraph (4)— by striking shall be made each place that term appears and inserting may be made ; and by striking $500,000 each place that term appears and inserting 200 percent of the baseline amount ; and by adding at the end the following:
Subject to paragraph (2), in this section, the term baseline amount , with respect to a property, means the maximum original principal obligation of a conventional mortgage that may be purchased by the Federal National Mortgage Association in the area in which the property as located, as established under section 302(b)(2) of the Federal National Mortgage Association Charter Act ( 12 U.S.C. 1717(b)(2) ). If, after the date of enactment of this subsection, the baseline amount, as defined in paragraph (1), decreases as compared with the baseline amount in effect on the day before the date of enactment of this subsection, the baseline amount that was in effect on the day before the date of enactment of this subsection shall be deemed to be the baseline amount for the purposes of paragraphs (2), (3), and
(4)of subsection (b). . The Administrator may sell a policy for flood insurance under the National Flood Insurance Program that meets the requirements of paragraphs (2), (3), and
(4)of section 1306(b) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4013(b) ), as amended by subsection (a), without regard to— section 61.6 of title 44, Code of Federal Regulations, as in effect on the day before the date of enactment of this Act; or any other provision of law.
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