To restrict coverage under the National Flood Insurance Program.

SA 1299. Mr. PAUL submitted an amendment intended to be proposed by
him to the bill S. 2968, to reauthorize the National Flood Insurance
Program; which was referred to the Committee on Banking, Housing, and
Urban Affairs; as follows:

At the end, add the following:

SEC. 3. RESTRICTION ON FLOOD INSURANCE COVERAGE.

(a) Definitions.--In this section:
(1) National flood insurance program.--The term ``National
Flood Insurance Program'' means the program established under
the National Flood Insurance Act of 1968 (42 U.S.C. 4001 et
seq.).
(2) Policyholder.--The term ``policyholder'' means the
holder of a policy under the National Flood Insurance
Program.
(3) Primary residence.--
(A) In general.--The term ``primary residence'' means a
single-family dwelling, condominium unit, apartment unit, or
unit within a cooperative building in which a policyholder,
or the spouse of a policyholder, lives for--
(i) more than 50 percent of the 365 days immediately
following the effective date of the policy; or
(ii) not more than 50 percent of the 365 days immediately
following the effective date of the policy if the
policyholder--

(I) has only 1 residence; and
(II) does not lease the residence described in subclause
(I) to another party or use the residence for rental or
income property at any time during the policy term with
respect to the residence.

(B) Rule of construction.--For the purposes of subparagraph
(A), a policyholder and the spouse of a policyholder may not
collectively have more than 1 primary residence.
(4) Single-family dwelling.--The term ``single-family
dwelling'' means--
(A) a residential single-family building in which the total
floor area devoted to non-residential uses is less than 50
percent of the total floor area of the building; or
(B) a single-family residential unit within a 2-to-4-family
building, other residential building, business, or non-
residential building in which commercial uses are less than
50 percent of the total floor area of the unit.
(b) Prohibition.--Notwithstanding any other provision of
law, the National Flood Insurance Program may only cover--
(1) in the case of a residential property, the primary
residence of a policyholder, provided that the primary
residence is not appraised at more than $250,000; and
(2) a nonresidential property of a policyholder, provided
that the property is not appraised at more than $500,000.
(c) Application.--The prohibition under subsection (b)
shall apply to any property covered under the National Flood
Insurance Program before, on, or after the date of enactment
of this Act.

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