‘‘(A) is primarily used for residential pur-
poses, as defined by the Federal entities for lend-
ing regulation; and 
‘‘(B) secures financing or financial assist-
ance provided through a federally related single 
family loan progam, as defined by the Federal 
entities for lending regulation;’’. 
(c) RULE OF CONSTRUCTION.—This section and the 
amendments made by this section may not be construed to 
prohibit the Administrator of the Federal Emergency Man-
agement Agency from offering flood insurance coverage 
under the National Flood Insurance Program for eligible 
non-residential properties, other residential multifamily 
properties, or structures financed with commercial loans, 
or to prohibit the purchase of such coverage for such eligible 
properties. 
SEC. 3. RISK TRANSFER REQUIREMENT. 
Subsection (e) of section 1345 of the National Flood 
Insurance Act of 1968 (42 U.S.C. 4081(e)) is amended— 
(1) by striking ‘‘(e) RISK TRANSFER.—The Ad-
ministrator’’ and inserting the following: 
‘‘(e) RISK TRANSFER.— 
‘‘(1) AUTHORITY.—The Administrator’’; and 
(2) by adding at the end the following new para-
graph: 
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‘‘(2) REQUIRED RISK TRANSFER COVERAGE.— 
‘‘(A) REQUIREMENT.—Not later than the 
expiration of the 18-month period beginning 
upon the date of the enactment of this paragraph 
and at all times thereafter, the Administrator 
shall annually cede a portion of the risk of the 
flood insurance program under this title to the 
private reinsurance or capital markets, or any 
combination thereof, and at rates and terms that 
the Administrator determines to be reasonable 
and appropriate, in an amount that— 
‘‘(i) is sufficient to maintain the abil-
ity of the program to pay claims; and 
‘‘(ii) manages and limits the annual 
exposure of the flood insurance program to 
flood losses in accordance with the probable 
maximum loss target established for such 
year under subparagraph (B). 
‘‘(B) PROBABLE MAXIMUM LOSS TARGET.— 
The Administrator shall for each fiscal year, es-
tablish a probable maximum loss target for the 
national flood insurance program that shall be 
the maximum probable loss under the national 
flood insurance program that is expected to occur 
in such fiscal year. 
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‘‘(C) CONSIDERATIONS.—In establishing the 
probable maximum loss target under subpara-
graph (B) for each fiscal year and carrying out 
subparagraph (A), the Administrator shall con-
sider— 
‘‘(i) the probable maximum loss targets 
for other United States public natural ca-
tastrophe insurance programs, including as 
State wind pools and earthquake programs; 
‘‘(ii) the probable maximum loss tar-
gets of other risk management organiza-
tions, including the Federal National Mort-
gage Association and the Federal Home 
Loan Mortgage Corporation; 
‘‘(iii) 
catastrophic, 
actuarial, 
and 
other appropriate data modeling results of 
the national flood insurance program port-
folio; 
‘‘(iv) the availability of funds in the 
National Flood Insurance Fund established 
under section 1310 (42 U.S.C. 4017); 
‘‘(v) the availability of funds in the 
National Flood Insurance Reserve Fund es-
tablished under section 1310A (42 U.S.C. 
4017a); 
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‘‘(vi) the availability of borrowing au-
thority under section 1309 (42 U.S.C. 
4016); 
‘‘(vii) the ability of the Administrator 
to repay outstanding debt; 
‘‘(viii) amounts appropriated to the 
Administrator to carry out the national 
flood insurance program; 
‘‘(ix) reinsurance, capital markets, ca-
tastrophe bonds, collateralized reinsurance, 
resilience bonds, and other insurance-linked 
securities, and other risk transfer opportu-
nities; and 
‘‘(x) any other factor the Adminis-
trator determines appropriate. 
‘‘(D) MULTI-YEAR CONTRACTS.—Nothing in 
this paragraph may be construed to prevent or 
prohibit the Administrator from complying with 
the requirement under subparagraph (A) regard-
ing ceding risk through contracts having a dura-
tion longer than one year.’’. 
SEC. 4. COMMUNITY FLOOD MAPS. 
(a) TECHNICAL MAPPING ADVISORY COUNCIL.—Sec-
tion 100215 of the Biggert-Waters Flood Insurance Reform 
Act of 2012 (42 U.S.C. 4101a) is amended— 
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(1) in subsection (c)— 
(A) in paragraph (5)(B), by striking ‘‘and’’ 
at the end; 
(B) by redesignating paragraph (6) as 
paragraph (9); and 
(C) by inserting after paragraph (5) the fol-
lowing new paragraphs: 
‘‘(6) recommend to the Administrator methods or 
actions to make the flood mapping processes more effi-
cient; 
‘‘(7) recommend to the Administrator methods or 
actions to minimize any cost, data, and paperwork 
requirements of the flood mapping processes; 
‘‘(8) assist communities, and in particular 
smaller communities, in locating the resources re-
quired to participate in the development of flood ele-
vations and flood hazard area designations; and’’; 
and 
(2) by adding at the end the following new sub-
section: 
‘‘(m) COMMUNITY FLOOD MAPS.— 
‘‘(1) STANDARDS AND PROCEDURES.—In addi-
tion to the other duties of the Council under this sec-
tion, not later than the expiration of the 12-month pe-
riod beginning on the date of the enactment of this 
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subsection, the Council shall recommend to the Ad-
ministrator standards and requirements for chief ex-
ecutive officers, or entities designated by chief execu-
tive officers, of States and communities participating 
in the National Flood Insurance Program to use in 
mapping flood hazards located in States and commu-
nities that choose to develop alternative maps to the 
flood insurance rate maps developed by the Agency. 
The recommended standards and requirements shall 
include procedures for providing notification and ap-
peal rights to individuals within the communities of 
the proposed flood elevation determinations. 
‘‘(2) EXEMPTION
FROM
RULEMAKING.—Until 
such time as the Administrator promulgates regula-
tions implementing paragraph (1) of this subsection, 
the Administrator may, notwithstanding any other 
provision of law, adopt policies and procedures nec-
essary to implement such paragraphs without under-
going notice and comment rulemaking and without 
conducting regulatory analyses otherwise required by 
statute, regulation, or executive order.’’. 
(b) 
FEMA 
IDENTIFICATION
OF
FLOOD-PRONE 
AREAS.—Subsection (a) of section 1360 of the National 
Flood Insurance Act of 1968 (42 U.S.C. 4101(a)) is amend-
ed— 
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