An amendment numbered 10 printed in Part B of House Report 110-351 to provide a five year phase-in of flood insurance premiums for low-income homeowners or renters whose primary residence is placed within a flood plain through an updating of the flood insurance program maps if the value of the home does not exceed 75% of the state median home value.

1. Inserts new text at the end of section 22

   Inserts

   Inserted: (e) Phase-In of Flood Insurance Premiums for Low-Cost Properties.--Section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 4015), as amended by the preceding provisions of this Act, is further amended--

   Inserted: (1) in subsection (c), by inserting "and subsection (g)" before the first comma; and

   Inserted: (2) by adding at the end the following new subsection:

   Inserted: "(g) 5-Year Phase-In of Premiums for Newly Covered Low-Cost Properties.--

   Inserted: "(1) In general.--In the case of any area not previously designated as an area having special flood hazards that becomes designated as such an area as a result of remapping pursuant to section 1360(k), during the 5-year period that begins upon the initial such designation of the area, the chargeable premium rate for flood insurance under this title with respect to any low-cost property that is located within such area shall be--

   Inserted: "(A) for the first year of such 5-year period, 20 percent of the chargeable risk premium rate otherwise applicable under this title to the property;

   Inserted: "(B) for the second year of such 5-year period, 40 percent of the chargeable risk premium rate otherwise applicable under this title to the property;

   Inserted: "(C) for the third year of such 5-year period, 60 percent of the chargeable risk premium rate otherwise applicable under this title to the property;

   Inserted: "(D) for the fourth year of such 5-year period, 80 percent of the chargeable risk premium rate otherwise applicable under this title to the property; and

   Inserted: "(E) for the fifth year of such 5-year period, 100 percent of the chargeable risk premium rate otherwise applicable under this title to the property.

   Inserted: "(2) Low-cost property.--For purposes of this subsection, the term "low-cost property" means a single-family dwelling, or a dwelling unit in a residential structure containing more than one dwelling unit, that--

   Inserted: "(A) is the principal residence of the owner or renter occupying the dwelling or unit; and

   Show 1 more inserted paragraphShow less

   Inserted: "(B) has a value, at the time of the initial designation of the area having special flood hazards, that does not exceed 75 percent of median home value for the State in which the property is located.".

   Original wording

   At the end of section 22 of the bill, add the following new subsection:

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

As printed