An amendment numbered 3 printed in House Report 109-530 to require any purchaser of a pre-firm primary residential home to pay phased-in actuarial flood insurance prices using the same phase-in structure that non-residential and non-primary homes are currently subject to in the legislation, after the enactment of the bill.

1. 1

   Change 1: Inserts “, CERTAIN PRE-FIRM PROPERTIES,” after “PROPERTIES”

   InsertsPage 8, line 4Printed page

   …PROPERTIES[inserted: , CERTAIN PRE-FIRM PROPERTIES,]…

   Original wording

   Page 8, line 4, after “PROPERTIES” insert “, CERTAIN PRE-FIRM PROPERTIES,”.

2. 2

   Change 2: Inserts new text on page 8, line 17

   InsertsPrinted page

   Inserted: (4) Recently purchased pre-firm properties.--Any property that--

   Inserted: (A) has been constructed or substantially improved and for which such construction or improvement was started, as determined by the Director, before December 31, 1974, or before the effective date of the initial rate map published by the Director under paragraph (2) of section 1360 for the area in which such property is located, whichever is later; and

   Inserted: (B) is purchased after the date of the enactment of the Flood Insurance Reform and Modernization Act of 2006.

   Original wording

   Page 8, after line 17, insert the following new paragraph:

3. 3

   Change 3: Replaces “or (3)” with “, (3), or (4)”

   ReplacesPage 9, line 14Printed page

   [struck: or (3)][inserted: , (3), or (4)]

   Original wording

   Page 9, line 14, strike “or (3)” and insert “, (3), or (4)”.

4. 4

   Change 4: Replaces “and (3)” with “, (3), and (4)”

   ReplacesPage 10, line 12Printed page

   In H.R. 4973 · Reported in House

   (1) Effective date.--The amendments made by subsections (a) and (b) shall apply beginning on the publication by the Director of the Federal Emergency Management Agency of the certification under section 16(b)(2), except as provided in paragraph (2) of this subsection.

   (2) Transition.--In the case of any property described in paragraph (2) or (3) of section 1308(c) of the National Flood Insurance Act of 1968, as amended by subsection (a) of this section, that, on the date of the enactment of this Act, is covered under a policy for flood insurance made available under the national flood insurance program for which the chargeable premium rates are less than the applicable estimated risk premium rate under section 1307(a)(1) for the area in which the property is located, the Director of the Federal Emergency Management Agency shall increase the chargeable premium rates for such property over time to such applicable estimated risk premium rate under section 1307(a)(1). Such increase shall be made by increasing the chargeable premium rates for the property (after application of any increase in the premium rates otherwise applicable to such property) by 15 percent (or such lesser amount as may be necessary so that the chargeable rate does not exceed such applicable estimated risk premium rate) once during the 12-month period that begins upon the date of the enactment of this Act and once every 12 months thereafter until such increase is accomplished. The provisions of paragraphs (2)[struck: ][inserted: , (3), ]and ([struck: 3][inserted: 4]) of such section 1308(c) shall apply to such a property upon the accomplishment of such increase and thereafter.

   SEC. 5. REDUCTION OF WAITING PERIOD FOR EFFECTIVE DATE OF POLICIES.

   Original wording

   Page 10, line 12, strike “and (3)” and insert “, (3), and (4)”.

Read automatically from the Congressional Record. Check the original before relying on it.

As printed