S.Amdt. 2219

SA 2219. Mr. MENENDEZ (for himself, Mr. Kennedy and Mrs. Hyde-Smith)
submitted an amendment intended to be proposed to amendment SA 2137
proposed by Mr. Schumer (for Ms. Sinema (for herself, Mr. Portman, Mr.
Manchin, Mr. Cassidy, Mrs. Shaheen, Ms. Collins, Mr. Tester, Ms.
Murkowski, Mr. Warner, and Mr. Romney)) to the bill H.R. 3684, to
authorize funds for Federal-aid highways, highway safety programs, and
transit programs, and for other purposes; which was ordered to lie on
the table; as follows:

At the appropriate place, insert the following:

SEC. ___. CAP ON ANNUAL PREMIUM INCREASES.

(a) Definitions.--In this section--
(1) the term ``Administrator'' means the Administrator of
the Federal Emergency Management Agency; and
(2) the term ``covered cost''--
(A) means--
(i) the amount of an annual premium with respect to any
policy for flood insurance under the National Flood Insurance
Program;
(ii) any surcharge imposed with respect to a policy
described in clause (i) (other than a surcharge imposed under
section 1304(b) of the National Flood Insurance Act of 1968
(42 U.S.C. 4011(b))), including a surcharge imposed under
section 1308A(a) of that Act (42 U.S.C. 4015a(a)); and
(iii) a fee described in paragraph (1)(B)(iii) or (2) of
section 1307(a) of the National Flood Insurance Act of 1968
(42 U.S.C. 4014(a)); and
(B) does not include any cost associated with the purchase
of insurance under section 1304(b) of the National Flood
Insurance Act of 1968 (42 U.S.C. 4011(b)), including any
surcharge that relates to insurance purchased under such
section 1304(b).
(b) Limitation on Increases.--
(1) Limitation.--
(A) In general.--During the 5-year period beginning on the
date of enactment of this Act, notwithstanding section
1308(e) of the National Flood Insurance Act of 1968 (42
U.S.C. 4015(e)), and subject to subparagraph (B), the
Administrator may not, in any year, increase the amount of
any covered cost by an amount that is more than 9 percent, as
compared with the amount of the covered cost during the
previous year, except where the increase in the covered cost
relates to an exception under paragraph (1)(C)(iii) of such
section 1308(e).
(B) Decrease of amount of deductible or increase in amount
of coverage.--In the case of a policyholder described in
section 1308(e)(1)(C)(ii) of the National Flood Insurance Act
of 1968 (42 U.S.C. 4015(e)(1)(C)(ii)), the Administrator
shall establish a process by which the Administrator
determines an increase in covered costs for the policyholder
that is--
(i) proportional to the relative change in risk based on
the action taken by the policyholder; and
(ii) in compliance with subparagraph (A).
(2) New rating systems.--
(A) Classification.--With respect to a property, the
limitation under paragraph (1) shall remain in effect for
each year until the covered costs with respect to the
property reflect full actuarial rates, without regard to
whether, at any time until the year in which those covered
costs reflect full actuarial rates, the property is rated or
classified under the Risk Rating 2.0 methodology (or any
substantially similar methodology).
(B) New policyholder.--If a property to which the
limitation under paragraph (1) applies is sold before the
covered costs for the property reflect full actuarial rates
determined under the Risk Rating 2.0 methodology (or any
substantially similar methodology), that limitation shall
remain in effect for each year until the year in which those
full actuarial rates takes effect.
(c) Rule of Construction.--Nothing in subsection (b) may be
construed as prohibiting the Administrator from reducing, in
any year, the amount of any covered cost, as compared with
the amount of the covered cost during the previous year.
(d) Average Historical Loss Year.--Section 1308 of the
National Flood Insurance Act of 1968 (42 U.S.C. 4015) is
amended by striking subsection (h) and inserting the
following:
``(h) Rule of Construction.--For purposes of this section,
the calculation of an `average historical loss year' shall be
computed in accordance with generally accepted actuarial
principles.''.
(e) Disclosure With Respect to the Affordability
Standard.--Section 1308(j) of the National Flood Insurance
Act of 1968 (42 U.S.C. 4015(j)) is amended, in the second
sentence, by inserting ``and shall include in the report the
number of those exceptions as of the date on which the
Administrator submits the report and the location of each
policyholder insured under those exceptions, organized by
county and State'' after ``of the Senate''.

SEC. ___. MEANS TESTED AFFORDABILITY VOUCHER.

(a) In General.--Chapter I of the National Flood Insurance
Act of 1968 (42 U.S.C. 4011 et seq.) is amended by adding at
the end the following:

``SEC. 1326. AFFORDABILITY ASSISTANCE.

``(a) Affordability Assistance Fund.--
``(1) Establishment.--The Administrator shall establish in
the Treasury of the United States an Affordability Assistance
Fund (referred to in this section as the `Fund'), which shall
be--
``(A) an account separate from any other accounts or funds
available to the Administrator; and
``(B) available without fiscal year limitation.
``(2) Use of funds.--Amounts from the Fund shall be
available to provide financial assistance under subsection
(b).
``(b) Financial Assistance.--
``(1) Definitions.--In this subsection--
``(A) the term `adjusted gross income' has the meaning
given the term in section 62 of the Internal Revenue Code of
1986;
``(B) the term `eligible household' means a household for
which--
``(i) housing expenses exceed 30 percent of the adjusted
gross income of the household in a year; and
``(ii)(I) the total assets owned by the household are in an
amount that is not greater than 220 percent of the median
household income for the State in which the household is
located; or
``(II) with respect to a household that has a total
household income that is not greater than 120 percent of the
area median income for the area in which the household is
located, the amount of premiums, surcharges, and fees for a
flood insurance policy provided under this title in a year
for the household exceeds 1 percent of the coverage limit of
that policy under section 1306(b); and
``(C) the term `housing expenses' means, with respect to a
household, the total amount that the household spends in a
year on--
``(i) mortgage payments;
``(ii) property taxes;
``(iii) homeowners insurance; and
``(iv) premiums for flood insurance under the national
flood insurance program.

[[Page S5621]]

``(2) Authority.--
``(A) Other financial assistance.--The Administrator shall
provide a voucher, grant, or premium credit to an eligible
household for a year in an amount that, subject to
subparagraph (B), is equal to the lesser of--
``(i) the difference between--

``(I) the housing expenses of the household for the year;
and
``(II) 30 percent of the adjusted gross income of the
household for the year; and

``(ii) the cost of premiums for the household for flood
insurance under the national flood insurance program for the
year.
``(B) Reduction.--The amount of the assistance provided
under subparagraph (A) to an eligible household shall be
reduced by 1 percent for each percent that the income of the
eligible household exceeds 120 percent of the median
household income for the State in which the property that is
the subject of the assistance is located.
``(3) Relationships with other agencies.--The Administrator
may enter into a memorandum of understanding with the head of
any other Federal agency to administer paragraph (2)(A).''.
(b) Direct Appropriation.--Out of any money in the Treasury
not otherwise appropriated, there is appropriated to the
Affordability Assistance Fund established under section 1326
of the National Flood Insurance Act of 1968, as added by
subsection (a) of this section, $1,000,000,000 for each of
fiscal years 2022 through 2026 to provide financial
assistance under subsection (b) of such section 1326.

SEC. __. COMMUNITY DEVELOPMENT BLOCK GRANT DISASTER RECOVERY
PROGRAM.

(a) Direct Appropriations.--Out of amounts in the Treasury
not otherwise appropriated, there is appropriated to the
``Community Development Fund'', for necessary expenses
related to disaster relief, long-term recovery, and
restoration of infrastructure, housing, and economic
revitalization in areas in States for which the President
declared a major disaster under title IV of the Robert T.
Stafford Disaster Relief and Emergency Assistance Act of 1974
(42 U.S.C. 5170 et seq.), $25,000,000,000 for fiscal year
2021, to remain available until expended, for activities
authorized under title I of the Housing and Community
Development Act of 1974 (42 U.S.C. 5301 et seq.).
(b) Formula.--Notwithstanding section 106 of the Housing
and Community Development Act of 1974 (42 U.S.C. 5306),
amounts appropriated under subsection (a) shall be allocated
to States as follows:
(1) One-third shall be allocated to States based on the
dollar amount of claims in the State under the National Flood
Insurance Program established under the National Flood
Insurance Act of 1968 (42 U.S.C. 4001 et seq.) during the 10-
year period preceding the date of enactment of this Act.
(2) One-third shall be allocated to States based on the
number of severe repetitive loss properties, as defined in
section 1307(h) of the National Flood Insurance Act of 1968
(42 U.S.C. 4014(h)), located in the State.
(3) One-third shall be allocated to States based on the
amount of premium rate increases for properties located in
the State under the Risk Rating 2.0 methodology (or any
substantially similar methodology).

SEC. ___. FORBEARANCE ON NFIP INTEREST PAYMENTS.

(a) In General.--During the 5-year period beginning on the
date of enactment of this Act, the Secretary of the Treasury
may not charge the Administrator of the Federal Emergency
Management Agency (referred to in this section as the
``Administrator'') interest on amounts borrowed by the
Administrator under section 1309(a) of the National Flood
Insurance Act of 1968 (42 U.S.C. 4016(a)) that were
outstanding as of the date of enactment of this Act,
including amounts borrowed after the date of enactment of
this Act that refinance debts that existed before the date of
enactment of this Act.
(b) Use of Saved Amounts.--There shall be deposited into
the National Flood Mitigation Fund an amount equal to the
interest that would have accrued on the borrowed amounts
during the 5-year period described in subsection (a) at the
time at which those interest payments would have otherwise
been paid, which, notwithstanding any provision of section
1367 of the National Flood Insurance Act of 1968 (42 U.S.C.
4104d), the Administrator shall use to carry out the program
established under section 1366 of the National Flood
Insurance Act of 1968 (42 U.S.C. 4104c).
(c) No Retroactive Accrual.--After the 5-year period
described in subsection (a), the Secretary of the Treasury
shall not require the Administrator to repay any interest
that, but for that subsection, would have accrued on the
borrowed amounts described in that subsection during that 5-
year period.
______