Sec. 203. Flood Protection Affordability Program and Trust Fund
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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 301 of this Act, is amended by inserting after section 1310 ( 42 U.S.C. 4017 ) the following: Not later than 1 year after the date of enactment of this section, the Administrator shall establish a program to ensure that policies under the national flood insurance program are affordable by offering subsidized premiums using the formula described in subsection (b). The program established under subsection
(a)shall ensure that policyholders under the national flood insurance program shall not pay a premium that is, as a percentage of their household income, higher than the percentage created by dividing their annual household income by 41,000. If the premium for flood insurance coverage under the national flood insurance program for a property owned by a policyholder eligible for assistance under subsection
(b)is greater than the limit set by subsection (b), the Administrator shall subsidize the premium using funds from the Flood Insurance Affordability Trust Fund established under subsection
(d)in the amount equal to the difference between the stated premium and the maximum amount chargeable under subsection (b). There is established within the Department of the Treasury a fund, which shall be— known as the Flood Insurance Affordability Trust Fund (in this section referred to as the Fund ); and administered by the Administrator. If amounts in the Fund are insufficient to cover subsidies required under subsection (b), the Administrator is authorized to draw such sums as may be necessary from the general fund of the Treasury to provide those subsidies. The Administrator shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Appropriations of the Senate, the Committee on Financial Services of the House of Representatives, and the Committee on Appropriations of the House of Representatives an annual report detailing— the amount paid out of the Fund during the year preceding the date on which the report is submitted; the amount in the Fund as of the date of the report; the amount the Fund drew from the general fund of the Treasury during the year preceding the date on which the report is submitted; the amount of appropriations that the Administrator estimates the Fund will need for the forthcoming year; and other information as determined important by the Administrator. There is authorized to be appropriated into the Fund such sums as are necessary for each fiscal year to provide the subsidies described in subsection (c), as informed by the relevant report submitted under paragraph (3). Nothing in this section shall be construed to affect the applicability of the cap on the annual premium increase under section 1308(e). .
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