3.0.0 8616 2023-01-11T13:44:31Z 2023-01-11T13:44:31Z House HR 2020-10-16 116 [Congressional Record Volume 166, Number 177 (Friday, October 16, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. PETERS:H.R. 8616.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8[Page H5694]]]> hsba00 Financial Services Committee House Standing Referred to 2020-10-16T13:02:20Z 2020-10-16 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2020-10-16 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-10-16 Introduced in House IntroReferral 1000 9 Library of Congress P000608 Rep. Peters, Scott H. [D-CA-52] Scott Peters D CA H. 52 N B001282 Rep. Barr, Andy [R-KY-6] Andy Barr R KY 6 2020-10-16 True Finance and Financial Sector Building construction Floods and storm protection Government Accountability Office (GAO) Government information and archives Government studies and investigations Life, casualty, property insurance Finance and Financial Sector 00 2020-10-16 Introduced in House 2022-04-22T16:47:49Z Build for Future Disasters Act of 2020

This bill eliminates certain National Flood Insurance Program (NFIP) rate subsidies for newly constructed property. Specifically, the chargeable rate for NFIP coverage of newly constructed property and any substantial improvements of property started on or after January 1, 2025, must not be not less than the estimated risk premium rate.

The Government Accountability Office must report on the feasibility and effects of (1) eliminating by January 1, 2027, all subsidies that reduce premiums for NFIP coverage to amounts below those necessary to operate to program without a deficit, and (2) prohibiting these subsidies unless flood mitigation activities have been completed on a property.

]]> Build for Future Disasters Act of 2020 Display Title Build for Future Disasters Act of 2020 Short Title(s) as Introduced Build for Future Disasters Act of 2020 Introduced in House IH Official Title as Introduced To eliminate any subsidies for flood insurance coverage under the National Flood Insurance Program for new construction, and for other purposes. Introduced in House IH Introduced in House 2020-10-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr8616ih/xml/BILLS-116hr8616ih.xml 2020-10-16 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.