arrow_back Back to App

Flood Insurance Reform: Affordability Subsidies and Infrastructure Investment

The Act reauthorizes the National Flood Insurance Program until 2034 and establishes the Flood Protection Affordability Program, ensuring that premiums are manageable for low-income households through subsidies. It also mandates greater premium transparency but eliminates the Community Rating System (CRS) discounts, potentially increasing costs for some communities. Furthermore, the law introduces a new Stability Fee to fund the program and boosts investment in levee construction and flood resilience.
Key points
Affordability Program: Subsidies are introduced to cap flood insurance premiums based on a percentage of household income, making coverage accessible to low-income families.
Cost Structure Changes: The Community Rating System (CRS) discounts are phased out, and a new Flood Insurance Program Stability Fee (20% or 30% of the post-subsidy premium) is imposed on all policies.
Resilience Funding: The law establishes a program to identify and develop new levee projects and authorizes $200 million annually for disaster mitigation loan funds.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_S_5199
Sponsor: Sen. Casey, Robert P., Jr. [D-PA]
Process start date: 2024-09-25
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Fair Flood Protection Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5199.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-09-25.

What are the main provisions?

Key points include:

  • Affordability Program: Subsidies are introduced to cap flood insurance premiums based on a percentage of household income, making coverage accessible to low-income families.
  • Cost Structure Changes: The Community Rating System (CRS) discounts are phased out, and a new Flood Insurance Program Stability Fee (20% or 30% of the post-subsidy premium) is imposed on all policies.
  • Resilience Funding: The law establishes a program to identify and develop new levee projects and authorizes $200 million annually for disaster mitigation loan funds.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Casey, Robert P., Jr. [D-PA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Real Estate Environment Public Investments