Sec. 9. DRAFT AFFORDABILITY FRAMEWORK
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## SEC. 9 DRAFT AFFORDABILITY FRAMEWORK ###
(a)In General The Administrator shall prepare a draft affordability framework that proposes to address, via programmatic and regulatory changes, the issues of affordability of flood insurance sold under the National Flood Insurance Program, including issues identified in the affordability study required under section 100236 of the Bigger-Waters Flood Insurance Reform Act of 2012 (Public Law 112-141; 126 Stat. 957). ###
(b)Criteria In carrying out the requirements under subsection (a), the Administrator shall consider the following criteria: ####
(1)Accurate communication to consumers of the flood risk associated with their properties. ####
(2)Targeted assistance to flood insurance policy holders based on their financial ability to continue to participate in the National Flood Insurance Program. ####
(3)Individual or community actions to mitigate the risk of flood or lower the cost of flood insurance. ####
(4)The impact of increases in risk premium rates on participation in the National Flood Insurance Program. ####
(5)The impact flood insurance rate map updates have on the affordability of flood insurance. ###
(c)Deadline for Submission Not later than 18 months after the date on which the Administrator submits the affordability study referred to in subsection (a), the Administrator shall submit to the full Committee on Banking, Housing, and Urban Affairs and the full Committee on Appropriations of the Senate and the full Committee on Financial Services and the full Committee on Appropriations of the House of Representatives the draft affordability framework required under subsection (a). ###
(d)Interagency Agreements The Administrator may enter into an agreement with another Federal agency to— ####
(1)complete the affordability study referred to in subsection (a); or ####
(2)prepare the draft affordability framework required under subsection (a). ###
(e)Rule of Construction Nothing in this section shall be construed to provide the Administrator with the authority to provide assistance to homeowners based on affordability that was not available prior to the enactment of the Biggert-Waters Flood Insurance Reform Act of 2012 (Public Law 112-141; 126 Stat. 916).
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- Pub. L. 112-141
- 126 Stat. 916
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