[Congressional Record Volume 164, Number 128 (Monday, July 30, 2018)]
[Senate]
[Page S5461]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3680. Mr. LEE submitted an amendment intended to be proposed by 
him to the bill S. 1182, to extend the National Flood Insurance 
Program, and for other purposes; which was ordered to lie on the table; 
as follows:

       At the end, add the following:

     SEC. 3. ELIMINATION OF COVERAGE FOR HIGH-COST RESIDENTIAL 
                   PROPERTIES.

       Section 1305 of the National Flood Insurance Act of 1968 
     (42 U.S.C. 4012) is amended by adding at the end the 
     following:
       ``(e) Prohibition of Coverage for High-cost Residential 
     Properties.--
       ``(1) In general.--The Administrator may not make available 
     flood insurance under this title for any single-family 
     residential structure--
       ``(A) that is built after the date of enactment of this 
     subsection; and
       ``(B) with respect to which the replacement cost is not 
     less than $2,500,000.
       ``(2) Definitions.--In this subsection--
       ``(A) the term `replacement cost', with respect to a 
     structure, means the replacement value of the structure at 
     the time of construction, exclusive of the value of the real 
     estate on which the structure is located; and
       ``(B) the term `single-family residential structure' means 
     a non-commercial, residential building that is a primary or 
     secondary residence and is designed for the occupancy of 4 or 
     fewer residences.''.
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