Flood Insurance Relief: Assistance Program for Low-Income Policyholders.
This Act establishes a new means-tested program managed by FEMA to reduce the cost of federal flood insurance for lower-income citizens. Eligible homeowners, whose income is up to 120% of the area median income, will receive graduated discounts, capping their premium rate at 1% of that income. Furthermore, the law mandates the implementation of monthly installment payment options for premiums, improving financial flexibility for policyholders.
Key points
Establishes graduated discounts on flood insurance premiums for households earning up to 120% of the area median income.
The maximum chargeable premium rate for eligible policyholders is capped at 1% of the area median income.
FEMA must implement monthly installment payment options for flood insurance premiums within 180 days.
Small businesses and non-profit organizations facing financial hardship may also qualify for assistance.
Status:
Introduced
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