I 
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 Representa-
tives 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’’.
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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 amend-
ed—
(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 sub-
section: 
‘‘(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 speci-
fied in this paragraph is the period that—
HR 98 IH 
‘‘(A) in the case of a property located with-
in 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 ef-
fective 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.
HR 98 IH 
‘‘(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 resi-
dential 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 haz-
ards, that does not exceed $75,000.’’. 
(b) EFFECTIVE DATE.—The amendments under sub-
section (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.
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