Vote Smart's Synopsis:

Vote to pass a bill that requires a subsidy for a property under the National Flood Insurance Program to be restored to the amount prior to changes made from the Biggert-Waters Flood Insurance Reform Act of 2012.

Highlights:

• Requires the Administrator of the Federal Emergency Management Agency (FEMA) to restore a property’s subsidy for flood insurance under the National Flood Insurance Program prior to any changes made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Sec. 103).

• Prohibits the Administrator from implementing certain provisions from the the Biggert-Waters Flood Insurance Reform Act of 2012 that would have ended flood insurance subsidies under the following circumstances (Sec. 103):
• A property not insured by the National Flood Insurance Program on July 6, 2012;
• A property purchased after July 6, 2012; or
• A policy holder who decided to permit a lapse in flood insurance because the property no longer required flood insurance coverage. 

• Amends the funds appropriated to the Administrator from $750,000 to “amounts as may be necessary” to conduct an affordability study that includes the following information (Secs. 102 & 105):
• Methods to encourage and maintain participation in the National Flood Insurance Program;
• Methods to educate consumers about the National Flood Insurance Program and the flood risk associated with their property;
• Methods for establishing an affordability framework for the program, including methods to aid  individuals to afford risk-based premiums through targeted assistance rather than general subsidies including, means-tested vouchers; and
• The implications on the National Flood Insurance Program and the federal budget for using each method.

• Requires the Administrator to submit the affordability study that is required by this bill no later than 2 years after the enactment of this bill to the following committees (Sec. 104):
• The full Committee of Banking, Housing, and Urban Affairs;
• The full Committee of Appropriations of the Senate;
• The full Committee on Financial Services; and
• The full Committee of Appropriations of the House of Representatives. 

• Requires the Administrator to submit a draft affordability framework that addresses issues including, but not limited to, the issues found in the affordability study required by this bill (Secs. 102 & 103).

• Requires the Administrator to submit the draft affordability framework no later than 18 months after the submission of the affordability study to the following committees (Sec. 103):
• The full Committee of Banking, Housing, and Urban Affairs;
• The full Committee of Appropriations of the Senate;
• The full Committee on Financial Services; and
• The full Committee of Appropriations of the House of Representatives. 

• Specifies that all flood insurance subsidies extended by this bill expire 6 months after the later of the following dates (Sec. 103):
• The date on which the Administrator proposes the draft affordability framework; or
• The date on which the Administrator certifies in writing to Congress that FEMA has implemented a flood mapping approach that results in credible flood hazard data in all areas where Flood Insurance Rate Maps are prepared or updated. 

• Requires the Administrator to make a table of changes in subsidies for flood insurance coverage under the National Flood Insurance Program available to the public at least 6 months prior to the change in subsidies (Sec. 103). 

• Exempts an individual from the fee required to request a flood insurance rate map change based on a habitat restoration project that utilizes any federal or state funds (Sec. 115).

• Expands the circumstances the Administrator is required to reimburse an individual to include an appeal that is resolved by the Scientific Resolution Panel if the individual is successful in appealing a proposed flood elevation determination (Sec. 106).

• Amends the funds appropriated to the Administrator from $250,000 to “amounts as may be necessary” to reimburse an individual who successfully appeals the proposed flood elevation determinations (Sec. 106).

Full Bill Text

Full Bill Text