[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9414 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 9414

To require the Administrator of the Federal Emergency Management Agency 
 to establish a community-based flood insurance pilot program, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            August 27, 2024

  Mr. Garbarino (for himself and Mr. Meeks) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To require the Administrator of the Federal Emergency Management Agency 
 to establish a community-based flood insurance pilot program, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Community Flood Coverage Savings 
Act''.

SEC. 2. COMMUNITY-BASED FLOOD INSURANCE PILOT PROGRAM.

    (a) Establishment.--The Administrator of the Federal Emergency 
Management Agency shall establish a community-based flood insurance 
pilot program to make available, for purchase by participating 
communities, a single, community-wide flood insurance policy under the 
National Flood Insurance Program that--
            (1) covers all residential properties within the community; 
        and
            (2) satisfies, for all such properties within the 
        community, the mandatory purchase requirements under section 
        102 of the Flood Disaster Protection Act of 1973 (42 U.S.C. 
        4012a).
    (b) Requirements for Community-Wide Policies.--The Administrator 
shall ensure that a community-wide flood insurance policy made 
available under the pilot program under this section incorporates the 
following requirements:
            (1) A mapping and eligibility requirement for properties to 
        be covered by the policy.
            (2) A method of preventing redundant claims payments by the 
        National Flood Insurance Program in the case of a claim by an 
        individual property owner who is covered by a community-wide 
        flood insurance policy and an individual policy obtained 
        through the Program.
            (3) A path for sustained existence beyond the duration of 
        the pilot program under this section is desired by a 
        participating community.
    (c) Partnerships.--Any community that chooses to participate in the 
pilot program shall, to the greatest extent practicable, partner with 
private insurers, reinsurers, capital market participants, and other 
participants in the risk transfer market to transfer a portion of the 
insurance risk related to participate in the pilot program under this 
section.
    (d) Participation.--Participation by a community in the pilot 
program under this section shall be entirely voluntary on the part of 
the community.
    (e) Use Flood Mitigation Assistance Grant Program Amounts.--Any 
community that chooses to participate in the pilot program under this 
section may use amounts provided under the flood mitigation assistance 
grant program for costs associated with implementing a community-based 
insurance policy.
    (f) Timing.--The Administrator shall establish the pilot program 
under this section not later than the expiration of the 360-day period 
beginning on the date of the enactment of this Act and the program 
shall terminate on the date that is 2 years after the date of the 
enactment of this section.
    (g) Definitions.--In this section:
            (1) Administrator.--The term ``Administrator'' means the 
        Administrator of the Federal Emergency Management Agency.
            (2) Community.--The term ``community'' means any unit of 
        local government, within the meaning given such term under the 
        laws of the applicable State.
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