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[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 98 Introduced in House (IH)]

108th CONGRESS
  1st Session
                                 H. R. 98

   To amend the National Flood Insurance Act of 1968 to provide a 50 
 percent discount in flood insurance rates for the first 5 years that 
    certain low-cost properties are included in flood hazard zones.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 7, 2003

Mr. Green of Texas introduced the following bill; which was referred to 
                  the Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 
   To amend the National Flood Insurance Act of 1968 to provide a 50 
 percent discount in flood insurance rates for the first 5 years that 
    certain low-cost properties are included in flood hazard zones.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Low-Income Families Flood Insurance 
Access Act''.

SEC. 2. DISCOUNTED PREMIUM RATES FOR LOW-COST PROPERTIES NEWLY 
              DETERMINED TO BE IN FLOOD HAZARD AREAS.

    (a) In General.--Section 1308 of the National Flood Insurance Act 
of 1968 (42 U.S.C. 4015) is amended--
            (1) in subsection (c), by striking ``limitation under 
        subsection (e)'' and inserting ``limitations under subsection 
        (e) and (f)''; and
            (2) by adding at the end the following new subsection:
    ``(f) 5-Year Limitation on Premium Rates for Newly Covered Low-Cost 
Properties.--
            ``(1) In general.--In the case of any area not previously 
        designated as an area having special flood hazards that becomes 
        designated as such an area, during the period specified in 
        paragraph (2), the chargeable premium rate for flood insurance 
        under this title with respect to any low-cost property that is 
        located within such area shall be the amount equal to 50 
        percent of the applicable estimated risk premium rate for such 
        area (or subdivision thereof) under section 1307(a)(1).
            ``(2) Period of discount.--The period specified in this 
        paragraph is the period that--
                    ``(A) in the case of a property located within an 
                area that was initially designated as an area having 
                special flood hazards during the 2-year period ending 
                upon the effective date under section 2(b) of the Low-
                Income Families Flood Insurance Premium Relief Act--
                            ``(i) begins upon such effective date; and
                            ``(ii) ends (I) 5 years later, or (II) upon 
                        the occurrence of the first flood event after 
                        such effective date that causes any damage to 
                        such property, whichever occurs first; and
                    ``(B) in the case of a property located within an 
                area that is initially designated as an area having 
                special flood hazards after the effective date under 
                section 2(b) of such Act--
                            ``(i) begins upon such designation; and
                            ``(ii) ends (I) 5 years later, or (II) upon 
                        the occurrence of the first flood event after 
                        such effective date that causes any damage to 
                        such property, whichever occurs first.
            ``(3) Low-cost property.--For purposes of this subsection, 
        the term `low-cost property' means a single-family dwelling, or 
        a dwelling unit in a residential structure containing more than 
        one dwelling unit, that--
                    ``(A) is the principal residence of the owner or 
                renter occupying the dwelling or unit; and
                    ``(B) has a value, at the time of the initial 
                designation of the area having special flood hazards, 
                that does not exceed $75,000.''.
    (b) Effective Date.--The amendments under subsection (a) shall be 
made on, and shall apply beginning upon, the expiration of the 30-day 
period beginning on the date of the enactment of this Act.
                                 <all>
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