<enum>I</enum><header>Reauthorization and stabilization</header><section id="id86b1cb2df1944777b4d3c31ea6b26b92"><enum>101.</enum><header>Reauthorization</header><subsection commented="no" display-inline="no-display-inline" id="idccc0abf94b8741a68ad01ab66cc04427"><enum>(a)</enum><header display-inline="yes-display-inline">Financing</header><text>Section 1309(a) of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4016">42 U.S.C. 4016(a)</external-xref>) is amended by striking <quote>September 30, 2023</quote> and inserting <quote>September 30, 2034</quote>. </text></subsection><subsection id="id2eed29ec2b31464cb768699e5bce0848"><enum>(b)</enum><header>Program expiration</header><text>Section 1319 of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4026">42 U.S.C. 4026</external-xref>) is amended by striking <quote>September 30, 2023</quote> and inserting <quote>September 30, 2034</quote>. </text></subsection><subsection id="id5dcfbe9c861c42568f6a4b15041a02b0"><enum>(c)</enum><header>Retroactive effective date</header><text>If this Act is enacted after September 30, 2024, the amendments made by subsections (a) and (b) shall take effect as if enacted on September 30, 2024.</text></subsection></section><section id="idcfc78d59754640e2a7c50712c1522ec2"><enum>102.</enum><header>Forbearance on National Flood Insurance Program interest payments</header><subsection id="idc2e1c3d50dc64fe7bbde5f6b1a1b47c0"><enum>(a)</enum><header>In general</header><text>During the 20-year period beginning on the date of enactment of this Act, the Secretary of the Treasury may not charge the Administrator interest on amounts borrowed by the Administrator under section 1309(a) of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4016">42 U.S.C. 4016(a)</external-xref>) 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.</text></subsection><subsection id="ida199251368174fff9bf9ede1acc705ef"><enum>(b)</enum><header>Use of foregone interest payments</header><text>There shall be deposited into the National Flood Mitigation Fund established under section 1367 of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4104d">42 U.S.C. 4104d</external-xref>) an amount equal to the interest that would have accrued on the borrowed amounts during the 20-year period described in subsection (a) at the time at which those interest payments would have otherwise been paid, which, notwithstanding any provision of such section 1367, the Administrator shall use to carry out the program established under section 1366 of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4104c">42 U.S.C. 4104c</external-xref>).</text></subsection><subsection id="idfa1c88a3f3304d6e97f41b597e9a3a94"><enum>(c)</enum><header>No retroactive accrual</header><text>After the 20-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 20-year period.</text></subsection></section><section id="iddf2f7d2036b447c2a7559f04b1a8b5d0"><enum>103.</enum><header>Elimination of Community Rating System</header><subsection commented="no" display-inline="no-display-inline" id="id4e026537cc8e40129005c4bb7f9f0a28"><enum>(a)</enum><header display-inline="yes-display-inline">Findings</header><text>Congress finds the following:</text><paragraph id="id30f063d9c0334c028654ba4386047883"><enum>(1)</enum><text>The Community Rating System, while well-intentioned, has provided discounts to policyholders that are not actuarially justified. </text></paragraph><paragraph id="id73043ed55b4745a1a1bfc8577dfac75e"><enum>(2)</enum><text>The discounts described in paragraph (1) have furthered the financial insolvency of the National Flood Insurance Program.</text></paragraph><paragraph id="id94c5448b50a5461481239c173aa310d5"><enum>(3)</enum><text>With the transition by the Agency towards individualized premiums rather than community-based premiums, the Community Rating System should be phased out.</text></paragraph></subsection><subsection id="id18d5c5a802b84a93b3a4a8bdbaccdbe9"><enum>(b)</enum><header>Phase-Out</header><text>Section 1315(b) of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4022">42 U.S.C. 4022(b)</external-xref>) is amended by adding at the end the following:</text><quoted-block style="OLC" display-inline="no-display-inline" id="id28581692A1D74755BA864D0B16003BAD"><paragraph id="idc3dc1c30f9d74531aabe6f1e3c289282"><enum>(4)</enum><header>Phase-out</header><text>Not earlier than 2 years and not later than 4 years after the date of enactment of this paragraph, the Administrator shall—</text><subparagraph commented="no" display-inline="no-display-inline" id="id23e8464e3f284c43a3f63d80a1f9762b"><enum>(A)</enum><text display-inline="yes-display-inline">terminate the community rating system program established under paragraph (1); and </text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id0c43ebf0fe7e409b852fccd3baaa82b0"><enum>(B)</enum><text display-inline="yes-display-inline">remove credits from the premium rates for policyholders within participating communities.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section><section id="idd81c9a1120e6490a892dd119bcb61423"><enum>104.</enum><header>Write Your Own Program reform</header><subsection id="id5e3e70aced4247e88e184a8c9126fe54"><enum>(a)</enum><header>In general</header><text>Not later than 1 year after the date of enactment of this Act, the Administrator shall—</text><paragraph commented="no" display-inline="no-display-inline" id="idd4ecf9f1e30447ee87a6262dfeea8221"><enum>(1)</enum><text display-inline="yes-display-inline">issue a proposed rule that caps the reimbursement that the Agency pays to Write Your Own Companies—</text><subparagraph commented="no" display-inline="no-display-inline" id="idc0e906fbc4ee46c7953c06198a194f76"><enum>(A)</enum><text display-inline="yes-display-inline">at not more than 25 percent of the aggregate premiums charged by the Write Your Own Company; and</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id98b0c3c9804d415d934f7a09b5458284"><enum>(B)</enum><text display-inline="yes-display-inline">taking into account—</text><clause id="id30dcc360effd4cfb9eadc5d98a4e455e"><enum>(i)</enum><text>the impact of the reimbursement rate on the overall solvency of the National Flood Insurance Program; and</text></clause><clause id="id5432374986064475a00deab65505eaae"><enum>(ii)</enum><text>reimbursement rates offered by other Federal agencies for similar insurance programs, including programs offered by the Department of Health and Human Services and the Department of Agriculture; and</text></clause></subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idae94a5377be24676b1f232b77aefa6dc"><enum>(2)</enum><text display-inline="yes-display-inline">issue a proposed rule that caps the amount that Write Your Own Company pays to an agent of the company as a commission for flood insurance premiums sold by the agent.</text></paragraph></subsection><subsection id="idfc9597b975994c3a95a33dcb300f1d95"><enum>(b)</enum><header>Final rules</header><text>Not later than 18 months after the date on which the Administrator issues a proposed rule under subsection (a), the Administrator shall issue a final rule for the proposed rule, which shall apply to all flood insurance policies that are written or renewed on or after the date that is 6 months after the date of publication of the final rule.</text></subsection><subsection id="idbd3d50cc8878473a8d8ec2be846bf2a6"><enum>(c)</enum><header>Reassessment of caps</header><text>The Administrator may reassess and modify the caps provided in the final rules issued under subsection (b) through notice and comment rulemaking procedures under section 553 of title 5, United States Code.</text></subsection></section>

118 S5199 IS: Fair Flood Protection Act of 2024 U.S. Senate 2024-09-25 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.

Short title; table of contents

(a)

Short title

This Act may be cited as the

Fair Flood Protection Act of 2024

.(b)

Table of contents

The table of contents for this Act is as follows:

Sec. 1. Short title; table of contents.

Sec. 2. Definitions.

TITLE I—Reauthorization and stabilization

Sec. 101. Reauthorization.

Sec. 102. Forbearance on National Flood Insurance Program interest payments.

Sec. 103. Elimination of Community Rating System.

Sec. 104. Write Your Own Program reform.

TITLE II—Rate reporting and policyholder assistance

Sec. 201. Sense of Congress.

Sec. 202. Premium transparency.

Sec. 203. Flood Protection Affordability Program and Trust Fund.

TITLE III—Fee reduction and consolidation

Sec. 301. Reserve Fund assessment.

Sec. 302. Flood Insurance Program Stability Fee.

TITLE IV—Resilience

Sec. 401. Levee project identification and development program.

Sec. 402. Authorization of appropriations for the STORM Act.

Definitions

In this Act:(1)

Administrator

The term Administrator means the Administrator of the Agency.(2)

Agency

The term Agency means the Federal Emergency Management Agency.(3)

Community Rating System

The term Community Rating System means the community rating system program carried out under section 1315(b) of the National Flood Insurance Act of 1968 (42 U.S.C. 4022(b)). (4)

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.).(5)

Small business concern

The term small business concern has the meaning given the term in section 3 of the Small Business Act (15 U.S.C. 632).(6)

Write Your Own Company

The term Write Your Own Company means a private property insurance company that participates in the Write Your Own Program.(7)

Write Your Own Program

The term Write Your Own Program means the program under which the Federal Emergency Management Agency enters into a standard arrangement with private property insurance companies to—(A)sell contracts for Federal flood insurance under their own business lines of insurance; and(B)adjust and pay claims arising under the contracts described in subparagraph (A).

<enum>I</enum><header>Reauthorization and stabilization</header><section id="id86b1cb2df1944777b4d3c31ea6b26b92"><enum>101.</enum><header>Reauthorization</header><subsection commented="no" display-inline="no-display-inline" id="idccc0abf94b8741a68ad01ab66cc04427"><enum>(a)</enum><header display-inline="yes-display-inline">Financing</header><text>Section 1309(a) of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4016">42 U.S.C. 4016(a)</external-xref>) is amended by striking <quote>September 30, 2023</quote> and inserting <quote>September 30, 2034</quote>. </text></subsection><subsection id="id2eed29ec2b31464cb768699e5bce0848"><enum>(b)</enum><header>Program expiration</header><text>Section 1319 of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4026">42 U.S.C. 4026</external-xref>) is amended by striking <quote>September 30, 2023</quote> and inserting <quote>September 30, 2034</quote>. </text></subsection><subsection id="id5dcfbe9c861c42568f6a4b15041a02b0"><enum>(c)</enum><header>Retroactive effective date</header><text>If this Act is enacted after September 30, 2024, the amendments made by subsections (a) and (b) shall take effect as if enacted on September 30, 2024.</text></subsection></section><section id="idcfc78d59754640e2a7c50712c1522ec2"><enum>102.</enum><header>Forbearance on National Flood Insurance Program interest payments</header><subsection id="idc2e1c3d50dc64fe7bbde5f6b1a1b47c0"><enum>(a)</enum><header>In general</header><text>During the 20-year period beginning on the date of enactment of this Act, the Secretary of the Treasury may not charge the Administrator interest on amounts borrowed by the Administrator under section 1309(a) of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4016">42 U.S.C. 4016(a)</external-xref>) 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.</text></subsection><subsection id="ida199251368174fff9bf9ede1acc705ef"><enum>(b)</enum><header>Use of foregone interest payments</header><text>There shall be deposited into the National Flood Mitigation Fund established under section 1367 of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4104d">42 U.S.C. 4104d</external-xref>) an amount equal to the interest that would have accrued on the borrowed amounts during the 20-year period described in subsection (a) at the time at which those interest payments would have otherwise been paid, which, notwithstanding any provision of such section 1367, the Administrator shall use to carry out the program established under section 1366 of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4104c">42 U.S.C. 4104c</external-xref>).</text></subsection><subsection id="idfa1c88a3f3304d6e97f41b597e9a3a94"><enum>(c)</enum><header>No retroactive accrual</header><text>After the 20-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 20-year period.</text></subsection></section><section id="iddf2f7d2036b447c2a7559f04b1a8b5d0"><enum>103.</enum><header>Elimination of Community Rating System</header><subsection commented="no" display-inline="no-display-inline" id="id4e026537cc8e40129005c4bb7f9f0a28"><enum>(a)</enum><header display-inline="yes-display-inline">Findings</header><text>Congress finds the following:</text><paragraph id="id30f063d9c0334c028654ba4386047883"><enum>(1)</enum><text>The Community Rating System, while well-intentioned, has provided discounts to policyholders that are not actuarially justified. </text></paragraph><paragraph id="id73043ed55b4745a1a1bfc8577dfac75e"><enum>(2)</enum><text>The discounts described in paragraph (1) have furthered the financial insolvency of the National Flood Insurance Program.</text></paragraph><paragraph id="id94c5448b50a5461481239c173aa310d5"><enum>(3)</enum><text>With the transition by the Agency towards individualized premiums rather than community-based premiums, the Community Rating System should be phased out.</text></paragraph></subsection><subsection id="id18d5c5a802b84a93b3a4a8bdbaccdbe9"><enum>(b)</enum><header>Phase-Out</header><text>Section 1315(b) of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4022">42 U.S.C. 4022(b)</external-xref>) is amended by adding at the end the following:</text><quoted-block style="OLC" display-inline="no-display-inline" id="id28581692A1D74755BA864D0B16003BAD"><paragraph id="idc3dc1c30f9d74531aabe6f1e3c289282"><enum>(4)</enum><header>Phase-out</header><text>Not earlier than 2 years and not later than 4 years after the date of enactment of this paragraph, the Administrator shall—</text><subparagraph commented="no" display-inline="no-display-inline" id="id23e8464e3f284c43a3f63d80a1f9762b"><enum>(A)</enum><text display-inline="yes-display-inline">terminate the community rating system program established under paragraph (1); and </text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id0c43ebf0fe7e409b852fccd3baaa82b0"><enum>(B)</enum><text display-inline="yes-display-inline">remove credits from the premium rates for policyholders within participating communities.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section><section id="idd81c9a1120e6490a892dd119bcb61423"><enum>104.</enum><header>Write Your Own Program reform</header><subsection id="id5e3e70aced4247e88e184a8c9126fe54"><enum>(a)</enum><header>In general</header><text>Not later than 1 year after the date of enactment of this Act, the Administrator shall—</text><paragraph commented="no" display-inline="no-display-inline" id="idd4ecf9f1e30447ee87a6262dfeea8221"><enum>(1)</enum><text display-inline="yes-display-inline">issue a proposed rule that caps the reimbursement that the Agency pays to Write Your Own Companies—</text><subparagraph commented="no" display-inline="no-display-inline" id="idc0e906fbc4ee46c7953c06198a194f76"><enum>(A)</enum><text display-inline="yes-display-inline">at not more than 25 percent of the aggregate premiums charged by the Write Your Own Company; and</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id98b0c3c9804d415d934f7a09b5458284"><enum>(B)</enum><text display-inline="yes-display-inline">taking into account—</text><clause id="id30dcc360effd4cfb9eadc5d98a4e455e"><enum>(i)</enum><text>the impact of the reimbursement rate on the overall solvency of the National Flood Insurance Program; and</text></clause><clause id="id5432374986064475a00deab65505eaae"><enum>(ii)</enum><text>reimbursement rates offered by other Federal agencies for similar insurance programs, including programs offered by the Department of Health and Human Services and the Department of Agriculture; and</text></clause></subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idae94a5377be24676b1f232b77aefa6dc"><enum>(2)</enum><text display-inline="yes-display-inline">issue a proposed rule that caps the amount that Write Your Own Company pays to an agent of the company as a commission for flood insurance premiums sold by the agent.</text></paragraph></subsection><subsection id="idfc9597b975994c3a95a33dcb300f1d95"><enum>(b)</enum><header>Final rules</header><text>Not later than 18 months after the date on which the Administrator issues a proposed rule under subsection (a), the Administrator shall issue a final rule for the proposed rule, which shall apply to all flood insurance policies that are written or renewed on or after the date that is 6 months after the date of publication of the final rule.</text></subsection><subsection id="idbd3d50cc8878473a8d8ec2be846bf2a6"><enum>(c)</enum><header>Reassessment of caps</header><text>The Administrator may reassess and modify the caps provided in the final rules issued under subsection (b) through notice and comment rulemaking procedures under section 553 of title 5, United States Code.</text></subsection></section><enum>II</enum><header>Rate reporting and policyholder assistance</header><section id="idc81e8facfdd249e5b91ee0e0a5b0f902"><enum>201.</enum><header>Sense of Congress</header><text display-inline="no-display-inline">It is the sense of Congress that—</text><paragraph id="id2ff32c862f2f4d47943b10d768e8cdd4"><enum>(1)</enum><text>it is important to maximize participation in the National Flood Insurance Program;</text></paragraph><paragraph id="id101573bff01e41c9a5d2d679cd2a460c"><enum>(2)</enum><text>in order to do so, Congress must ensure that flood insurance is affordable for low-income homeowners, older homeowners on fixed incomes, and working families; and</text></paragraph><paragraph id="idb6c3b558864544e5a44c780adb55e482"><enum>(3)</enum><text>it is also important that the National Flood Insurance Program continues to align its premiums with actuarially sound rates to provide transparency, increase public understanding of the true costs of flood insurance and flood damage, and promote the long-term financial solvency of the National Flood Insurance Program.</text></paragraph></section><section id="id72adc87cf2ec4b07931e77e8cb87162c"><enum>202.</enum><header>Premium transparency</header><subsection id="id74aef12f9eb14b24bf3540ee80b2d889"><enum>(a)</enum><header>In general</header><text>The Administrator shall issue to each policyholder under the National Flood Insurance Program, in writing, an annual premium pricing report with respect to the property of the policyholder, which shall include—</text><paragraph id="ida7de1fbcac1f4bee84e700192a03e679"><enum>(1)</enum><text>the full, risk-based premium for the property, as identified under the Risk Rating 2.0 model or any subsequent pricing model of the Agency;</text></paragraph><paragraph id="ide58880e67b5f4e7ea61c8bcb03fd23ad"><enum>(2)</enum><text>the applicable premium for the property, inclusive of subsidies and caps as determined by section 1310A of the National Flood Insurance Act of 1968, as added by section 203 of this Act; and</text></paragraph><paragraph id="ida5ec464f7e6c499e8cd9b766c8f801da"><enum>(3)</enum><text>the anticipated premium for subsequent years following the report, based on the applicable pricing model of the Agency and annual limitations on premium increases established under section 1308(e) of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4015">42 U.S.C. 4015(e)</external-xref>).</text></paragraph></subsection><subsection id="id820d78a492b34faca96a312e82437b18"><enum>(b)</enum><header>Renter transparency</header><text>If a policyholder rents out a property for which coverage is provided through the National Flood Insurance Program to tenants, the policyholder shall provide a copy of the annual premium pricing report for the property to the tenants with the lease for the property. </text></subsection></section><section id="id6e3380721e7b474996d98154656e285b"><enum>203.</enum><header>Flood Protection Affordability Program and Trust Fund</header><subsection commented="no" display-inline="no-display-inline" id="id79a39565ff69425a873d21d69ac40552"><enum/><text>Chapter I of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4011">42 U.S.C. 4011 et seq.</external-xref>), as amended by section 301 of this Act, is amended by inserting after section 1310 (<external-xref legal-doc="usc" parsable-cite="usc/42/4017">42 U.S.C. 4017</external-xref>) the following:</text><quoted-block style="OLC" display-inline="no-display-inline" id="id0EA13A7B25274CFCA9D96AE18433CC7A"><section id="idede1eccaeec84a32a1ef4c53d3263115"><enum>1310A.</enum><header>Flood Protection Affordability Program and Trust Fund</header><subsection id="id13ffdd43953344ef86fd4eee53d9a063"><enum>(a)</enum><header>Establishment of program</header><text>Not later than 1 year after the date of enactment of this section, the Administrator shall establish a program to ensure that policies under the national flood insurance program are affordable by offering subsidized premiums using the formula described in subsection (b).</text></subsection><subsection id="id8e78550aa39549a3bbd3d6d3f4b97b51"><enum>(b)</enum><header>Rate affordability</header><text>The program established under subsection (a) shall ensure that policyholders under the national flood insurance program shall not pay a premium that is, as a percentage of their household income, higher than the percentage created by dividing their annual household income by 41,000.</text></subsection><subsection id="id7540bebee44b43f785062fad7b8bbee5"><enum>(c)</enum><header>Subsidy</header><text>If the premium for flood insurance coverage under the national flood insurance program for a property owned by a policyholder eligible for assistance under subsection (b) is greater than the limit set by subsection (b), the Administrator shall subsidize the premium using funds from the Flood Insurance Affordability Trust Fund established under subsection (d) in the amount equal to the difference between the stated premium and the maximum amount chargeable under subsection (b).</text></subsection><subsection commented="no" display-inline="no-display-inline" id="id8ce799fddf2249119355e36673a87bbd"><enum>(d)</enum><header>Fund</header><paragraph id="idaf3c86728b3d41b88b7749d3dc41fdff"><enum>(1)</enum><header>In general</header><text>There is established within the Department of the Treasury a fund, which shall be—</text><subparagraph id="idd17868d350744f65990d8b7d504d2faf"><enum>(A)</enum><text>known as the <quote>Flood Insurance Affordability Trust Fund</quote> (in this section referred to as the <term>Fund</term>); and</text></subparagraph><subparagraph id="id41da3130212443e592f40d3dd7996a13"><enum>(B)</enum><text>administered by the Administrator.</text></subparagraph></paragraph><paragraph id="id7f2c69731d6b4b39999e9abb6a2d5b75"><enum>(2)</enum><header>Shortfall</header><text>If amounts in the Fund are insufficient to cover subsidies required under subsection (b), the Administrator is authorized to draw such sums as may be necessary from the general fund of the Treasury to provide those subsidies.</text></paragraph><paragraph id="id020b1389ceec43ccaf7f0246d15e6eb6"><enum>(3)</enum><header>Report to Congress</header><text>The Administrator shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Appropriations of the Senate, the Committee on Financial Services of the House of Representatives, and the Committee on Appropriations of the House of Representatives an annual report detailing—</text><subparagraph id="id9650223c6cac478fbcf784a526c997d3"><enum>(A)</enum><text>the amount paid out of the Fund during the year preceding the date on which the report is submitted;</text></subparagraph><subparagraph id="id27d94d2aa3f844f99f3f59a287b40d6b"><enum>(B)</enum><text>the amount in the Fund as of the date of the report;</text></subparagraph><subparagraph id="id47697c3db91b4891a46e6f584976292f"><enum>(C)</enum><text>the amount the Fund drew from the general fund of the Treasury during the year preceding the date on which the report is submitted;</text></subparagraph><subparagraph id="id98b29f146b244e3aa3e3676e5d6a4d5c"><enum>(D)</enum><text>the amount of appropriations that the Administrator estimates the Fund will need for the forthcoming year; and</text></subparagraph><subparagraph id="id316554f5a19f43cc9f07a47a99c59eb9" commented="no" display-inline="no-display-inline"><enum>(E)</enum><text>other information as determined important by the Administrator.</text></subparagraph></paragraph><paragraph id="idaa017c7e3d5c4437a4d10281b046aa94"><enum>(4)</enum><header>Authorization of appropriations</header><text display-inline="yes-display-inline">There is authorized to be appropriated into the Fund such sums as are necessary for each fiscal year to provide the subsidies described in subsection (c), as informed by the relevant report submitted under paragraph (3). </text></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="ida8eb9bb745d34496b53f3256d50841d3"><enum>(e)</enum><header>Rule of construction</header><text>Nothing in this section shall be construed to affect the applicability of the cap on the annual premium increase under section 1308(e).</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section><enum>III</enum><header>Fee reduction and consolidation</header><section id="id45db8f7f44bc4ebfbff2e63b086732d5" commented="no"><enum>301.</enum><header>Reserve Fund assessment</header><text display-inline="no-display-inline">Chapter I of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4011">42 U.S.C. 4011 et seq.</external-xref>) is amended—</text><paragraph id="id0ac8efb1475644b8adc50e8967030821" commented="no"><enum>(1)</enum><text>in section 1304(b) (<external-xref legal-doc="usc" parsable-cite="usc/42/4011">42 U.S.C. 4011(b)</external-xref>), by striking the flush matter following paragraph (4)(D);</text></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idf06107edfdab466bb1f298d5cd3a8143"><enum>(2)</enum><text>in section 1307(a)(1)(B)(iii) (<external-xref legal-doc="usc" parsable-cite="usc/42/4014">42 U.S.C. 4014(a)(1)(B)(iii)</external-xref>), by striking <quote>which shall be recovered by a fee charged to policyholders and such fee shall not be subject to any agents’ commissions, company expense allowances, or State or local premium taxes</quote>;</text></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id0f0c3e7928884256af7faae76e083319"><enum>(3)</enum><text>in section 1308(m)(1) (<external-xref legal-doc="usc" parsable-cite="usc/42/4015">42 U.S.C. 4015(m)(1)</external-xref>), in the matter preceding subparagraph (A), by striking <quote>and the surcharges required under section 1308A</quote>;</text></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id824ba09b447c467aa0ddc68549908d29"><enum>(4)</enum><text display-inline="yes-display-inline">by striking section 1308A (<external-xref legal-doc="usc" parsable-cite="usc/42/4015a">42 U.S.C. 4015a</external-xref>); and</text></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id8226a5da54a7497fa773263690d7e2a7"><enum>(5)</enum><text>by striking section 1310A (<external-xref legal-doc="usc" parsable-cite="usc/42/4017A">42 U.S.C. 4017A</external-xref>).</text></paragraph></section><section id="id856178d26055451bb7a24dc60d3a365f"><enum>302.</enum><header>Flood Insurance Program Stability Fee</header><subsection id="id51fb8d74f296485c99b2f908f55cb699"><enum>(a)</enum><header>Imposition and collection</header><text>The Administrator shall impose and collect a singular annual surcharge, which shall be referred to as the <quote>Flood Insurance Program Stability Fee</quote>, in the amount provided in subsection (b), on all policies for flood insurance coverage under the National Flood Insurance Program that are newly issued or renewed after May 1, 2025.</text></subsection><subsection id="id4a8b238f45264812b0f7421063294e0c"><enum>(b)</enum><header>Amount</header><text>The amount of the surcharge under subsection (a) shall be—</text><paragraph id="id5cfeeaf8f5fd415a82706e18cffbc619"><enum>(1)</enum><text>except as provided in paragraph (2), 20 percent of the annual premium inclusive of any subsidy provided under section 1310A of the National Flood Insurance Act of 1968, as added by section 203 of this Act; and</text></paragraph><paragraph id="ide814fbae1c0d430295f2903eb57ab32e"><enum>(2)</enum><text>30 percent of the annual post-subsidy premium, in the case of a policy for any property that is—</text><subparagraph id="idee1718c50a4d45feb183b5f6173ffec2"><enum>(A)</enum><text>a non-residential property other than a small business concern; and</text></subparagraph><subparagraph id="id4bc5fdfa36ce43d0af2581eac2d2ba72"><enum>(B)</enum><text>a residential property that is not the primary residence of an individual.</text></subparagraph></paragraph></subsection><subsection id="idf5937e2fa45641b8bbbb6cfff56288af"><enum>(c)</enum><header>Use of funds</header><text>Of amounts collected by the Administrator under this section in a given fiscal year—</text><paragraph id="idf72d1c61e71840f898afac68130742e8"><enum>(1)</enum><text>not less than 50 percent shall be deposited in the National Flood Insurance Fund established under section 1310 of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4017">42 U.S.C. 4017</external-xref>); and</text></paragraph><paragraph id="id2ad2508e6436483da4b40555a12b31f3"><enum>(2)</enum><text>not less than 30 percent shall be deposited in the Flood Insurance Affordability Trust Fund established under section 1310A of the National Flood Insurance Act of 1968, as added by section 203 of this Act.</text></paragraph></subsection></section><enum>IV</enum><header>Resilience</header><section id="id5d0df31c66e249b897a85154807bbdd5"><enum>401.</enum><header>Levee project identification and development program</header><subsection id="ide71b7116b4d84298a511cfd5f37896df"><enum>(a)</enum><header>In general</header><text>Not later than 1 year after the date of enactment of this Act, the Administrator shall establish a program to identify and develop new levees and levee systems.</text></subsection><subsection id="id5970d5bd2bf0431aa52b857c447fda94"><enum>(b)</enum><header>Eligible entities</header><text>To carry out the program established under subsection (a), the Administrator shall solicit applications from—</text><paragraph id="ideecce817d7e04c95a85250c0c2bb6db1"><enum>(1)</enum><text>States or political subdivisions of States;</text></paragraph><paragraph id="idbe4c86f72a98419db370812b3d383c55"><enum>(2)</enum><text>flood protection authorities;</text></paragraph><paragraph id="id2625e1cdbec74df2a2b3c131632792f6"><enum>(3)</enum><text>federally recognized Indian Tribes; and</text></paragraph><paragraph id="id98b997eb14bb4042b63b525e3e3fed3f"><enum>(4)</enum><text>other public entities as determined by the Administrator.</text></paragraph></subsection><subsection id="id35c8a29275544c809541299917e47b39"><enum>(c)</enum><header>Selection criteria</header><text>The Administrator shall consider applications for assistance under the program established under subsection (a) using the following criteria:</text><paragraph id="id13d513d3ebcd44e09c4d72c91ae0ad93"><enum>(1)</enum><text>An estimate of the valuation of property located behind the proposed levee or system of levees.</text></paragraph><paragraph id="id27cd78fbb20d42a58c30fd05d7d7be55"><enum>(2)</enum><text>The history of severe weather and flooding events in the community and any projected changes due to climate change.</text></paragraph><paragraph id="ide077c2d68a0040d0b24e2ae4ba938a59"><enum>(3)</enum><text>The number of people and percentage of the overall population in the community that is participating in the National Flood Insurance Program.</text></paragraph><paragraph id="idca4bb3a519574f4aa4940f0c81518512"><enum>(4)</enum><text>The anticipated cost to construct and operate the levee or system of levees.</text></paragraph><paragraph id="id14865d32e2ac42aa8d1d6a682ff3c4e8"><enum>(5)</enum><text>Other considerations, as determined by the Administrator.</text></paragraph></subsection><subsection id="id88671e912a2a4e6887c7036b725233c9"><enum>(d)</enum><header>Technical assistance</header><text>The Administrator shall provide technical assistance upon request to applicants for the program established under subsection (a), including by helping applicants to access data regarding National Flood Insurance Program coverage in the relevant area.</text></subsection><subsection id="id0fb77be23f424766a057b1927df0fb4f"><enum>(e)</enum><header>Selected projects</header><text>Upon the selection of applicants for participation in the program established under subsection (a), the Administrator shall—</text><paragraph id="idbb20d45c3a664ebf819f4d7fbbd492f5"><enum>(1)</enum><text>provide technical assistance for applications submitted to the Agency for funding, including assistance with determining project scope, timeline, cost, and other considerations as determined by the Administrator;</text></paragraph><paragraph id="id71d432ddc30340e98ce5efa4079ce273"><enum>(2)</enum><text>prioritize for funding through the hazard mitigation grant program under section 404 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5170c">42 U.S.C. 5170c</external-xref>), the Building Resilient Infrastructure and Communities program authorized under section 203 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5133">42 U.S.C. 5133</external-xref>), and the Flood Mitigation Assistance program authorized under section 1366 of the National Flood Insurance Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/42/4104c">42 U.S.C. 4104c</external-xref>), applications from selected applicants for planning, engineering, design, or construction work for the levee or system of levees described in the application; and</text></paragraph><paragraph id="ide387745bd00e4b7bb683dc7c8b877f24"><enum>(3)</enum><text>direct States and political subdivisions of States to prioritize allocating funds from revolving loan funds capitalized by the Safeguarding Tomorrow Revolving Loan Fund, as established to carry out section 205 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5135">42 U.S.C. 5135</external-xref>), for projects for planning, engineering, design, or construction work for levees or systems of levees selected under this section. </text></paragraph></subsection><subsection id="id729012cf40a74e79a0e300917eefd5fb"><enum>(f)</enum><header>Consultation</header><text>In administering the Program, the Administrator shall consult with—</text><paragraph id="idc4dac252039549148c26d57ad1ddd371"><enum>(1)</enum><text>the U.S. Army Corps of Engineers;</text></paragraph><paragraph id="id25a9033e1e6b406cb0cea2f6eb83bdb0"><enum>(2)</enum><text>emergency management agencies from States with a selected project; and</text></paragraph><paragraph id="id375a3b9e51964a939ffb8a4e20541c13"><enum>(3)</enum><text>other stakeholders, as determined by the Administrator.</text></paragraph></subsection></section><section id="id414eb7bebee14b2ba648baa98b3a2938"><enum>402.</enum><header>Authorization of appropriations for the STORM Act</header><text display-inline="no-display-inline">Section 205(n) of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5135">42 U.S.C. 5135</external-xref>) is amended to read as follows:</text><quoted-block style="OLC" display-inline="no-display-inline" id="id87BC6219C01548E1B1047B7EC4396998"><subsection commented="no" display-inline="no-display-inline" id="id2d7d84a9799249ccaaa0030100e22682"><enum>(n)</enum><header>Authorization of appropriations</header><text>There are authorized to be appropriated $200,000,000 for each of fiscal years 2025 through 2034 to carry out this section.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block></section>