S.Amdt. 2486

1. Rewrites section 140(d)

   Replaces

   In S. 1940 · Reported to Senate

   (d) Funding.--Notwithstanding section 1310 of the National Flood Insurance Act of 1968 (42 U.S.C. 4017), there shall be available to the Administrator from the National Flood Insurance Fund, of amounts not otherwise obligated, not more than $750,000 to carry out [inserted: subsections (a), (b), and (c) of ]this section.

   Inserted: (e) Pilot Program.--

   Inserted: (1) In general.--Not earlier than 90 days and not later than 180 days after the date on which the Administrator submits the report required under subsection (c), the Administrator shall establish a pilot program (referred to in this subsection as the "program") to provide means-tested, targeted assistance through vouchers or subsidies for the purchase of flood insurance to individuals who are economically distressed and cannot afford flood insurance coverage.

   Inserted: (2) Eligibility.--

   Inserted: (A) In general.--The Administrator shall establish appropriate criteria under which an individual may qualify for a voucher or subsidy under the program.

   Inserted: (B) Income requirements.--The criteria established under subparagraph (A) shall specify that an individual is not eligible for a voucher or subsidy under the program if--

   Inserted: (i) the annual adjusted gross income of the household of the individual is greater than 80 percent of the area median income, as determined by the Secretary of Housing and Urban Development; or

   Inserted: (ii) the individual does not reside in an area that is subject to the mandatory purchase requirements under sections 102 and 202 of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a and 4016).

   Inserted: (3) Vouchers and subsidies.--

   Inserted: (A) Adjustment of amount.--The Administrator may adjust the amount of a voucher or subsidy provided to an individual under the program based on the level of financial need of the household of the individual, including by establishing a tiered system, sliding scale, or standard of affordability that evaluates the cost of flood insurance coverage as a percentage of the adjusted gross income of a household.

   Inserted: (B) Limitation.--The amount of a voucher or subsidy provided to an individual under the program may not exceed the cost of flood insurance coverage for the individual under the National Flood Insurance Program.

   Inserted: (4) Use of vouchers and subsidies.--The Administrator may not provide a voucher or subsidy under the program to an individual to pay for flood insurance coverage under the National Flood Insurance Program for--

   Inserted: (A) any property that is not the primary residence of the individual;

   Show 13 more inserted paragraphsShow less

   Inserted: (B) any business property; or

   Inserted: (C) any real property purchased by the individual after the date of enactment of this Act.

   Inserted: (5) Administration.--

   Inserted: (A) In general.--The Administrator may take all necessary and appropriate action to carry out the program, including entering into agreements with other Federal agencies, agencies or instrumentalities of State, local, or special-purpose local governments, or private or nonprofit organizations to carry out the program.

   Inserted: (B) Requests for information.--Notwithstanding any other provision of law, the Administrator may request information from the Secretary of the Treasury, the Social Security Administration, or a State agency in order to verify information relating to the income of--

   Inserted: (i) an individual seeking to participate in the program; and

   Inserted: (ii) the household of an individual seeking to participate in the program.

   Inserted: (6) Funding.--

   Inserted: (A) Source of funding.--Notwithstanding section 1310 of the National Flood Insurance Act of 1968 (42 U.S.C. 4017), the Administrator may use amounts of the National Flood Insurance Fund not otherwise obligated to carry out the program.

   Inserted: (B) Total amount of funding.--The total amount of the vouchers and subsidies provided under the program for a fiscal year may not exceed $10,000,000.

   Inserted: (C) Offsets.--Notwithstanding any other provision of this title or the amendments made by this title, the Administrator may not increase risk premium rates for flood insurance coverage under the National Flood Insurance Program to offset amounts expended by the Administrator to carry out the program.

   Inserted: (7) Report.--Not later than 3 years after the date on which the Administrator establishes the program, the Comptroller General shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that evaluates the performance and outcomes of the program.

   Inserted: (8) Sunset.--On and after September 30, 2017, the Administrator may not provide a voucher or subsidy to any individual under the program.

   Original wording

   In section 140, strike subsection (d) and insert the following:

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

As printed