Sec. 202. Increased cost of compliance coverage
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Section 1304(b) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011(b) ) is amended— in paragraph (4), by redesignating subparagraphs
(A)through
(D)as clauses
(i)through (iv), respectively, and adjusting the margins accordingly; by redesignating paragraphs
(1)through
(3)as subparagraphs
(A)through (C), respectively, and adjusting the margins accordingly; in subparagraph (C), as so redesignated, by striking the period at the end and inserting a semicolon; by redesignating paragraph
(4)as subparagraph (F), and adjusting the margins accordingly; by inserting after subparagraph (C), as so redesignated, the following: properties identified by the Administrator as priorities for mitigation activities before the occurrence of damage to or loss of property which is covered by flood insurance; properties outside an area having special flood hazards if the communities in which the properties are located have, under section 1361, established land use and control measures for the areas in which the properties are located; and ; by inserting before The national flood insurance program the following:
(1); In general .— in the flush text following subparagraph (F)(iv), by striking The Administrator and inserting the following: The Administrator ; and by adding at the end the following: Each policy for flood insurance coverage made available under this title shall provide coverage under this subsection having an aggregate liability for any single property of $60,000. Eligible mitigation methods the cost of which is covered by coverage provided under this subsection shall include— alternative methods of mitigation identified in the guidelines issued pursuant to section 1361(d); pre-disaster mitigation projects for eligible structures; and costs associated with the purchase, clearing, and stabilization of property that is part of an acquisition or relocation project that complies with subparagraph (B). An acquisition or relocation project shall be eligible to receive assistance pursuant to subparagraph (A)(iii) only if— any property acquired, accepted, or from which a structure will be removed shall be dedicated and maintained in perpetuity for a use that is compatible with open space, recreational, or wetland and natural floodplain management practices; and any new structure erected on such property will be— a public facility that is open on all sides and functionally related to a designated open space; a restroom; or a structure that the Administrator approves in writing before the commencement of the construction of the structure. If an acquisition or relocation project is assisted pursuant to subparagraph (A)(iii)— no person may apply to a Federal entity for disaster assistance with regard to any property acquired, accepted, or from which a structure was removed as part of such acquisition or relocation project; and no Federal entity may provide disaster assistance for such property. Notwithstanding any other provision of law, any assisted structure shall, at all times, maintain insurance against flood damage, in accordance with Federal law, for the life of such structure. If any part of a property on which an assisted structure is located is transferred, the transferor shall, not later than the date on which such transfer occurs, notify the transferee in writing, including in all documents evidencing the transfer of ownership of the property, that such transferee is required to— obtain flood insurance in accordance with applicable Federal law with respect to such assisted structure, if such structure is not so insured on the date on which the structure is transferred; and maintain flood insurance in accordance with applicable Federal law with respect to such structure. If a transferor fails to make a notification in accordance with item
(aa)and such assisted structure is damaged by a flood disaster, the transferor shall pay the Federal Government an amount equal to the amount of any disaster relief provided by the Federal Government with respect to such assisted structure. For the purposes of this clause, the term assisted structure means a structure on property that is part of an acquisition or relocation project assisted pursuant to subparagraph
(A)that was, as part of such acquisition or relocation project— altered; improved; replaced; repaired; or restored. For purposes of this paragraph, the term eligible structure means any structure that— was constructed in compliance with the Flood Insurance Rate Map and local building and zoning codes in effect on the date of construction of the structure; and has not previously been altered, improved, replaced, or repaired using assistance provided under this subsection. Any amount of coverage provided for a property pursuant to this subsection shall not be considered or counted for purposes of any limitation on coverage applicable to such property under section 1306(b) and any claim on such coverage shall not be considered a claim for purposes of section 1307(h) or subsection (a)(3) or (h)(3) of section 1366. Notwithstanding any other provision of law, the Administrator may implement this subsection by adopting 1 or more standard endorsements to the Standard Flood Insurance Policy by publication of such standards in the Federal Register, or by comparable means. .
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Sec. 202
Increased cost of compliance coverage
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