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.
Status:
Expired
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