I 115th CONGRESS 1st Session H. R. 2868 IN THE HOUSE OF REPRESENTATIVES June 8, 2017 Mr. Zeldin introduced the following bill; which was referred to the Committee on Financial Services A BILL To protect National Flood Insurance Program policyholders from unreasonable premium rates and to require the Program to consider the unique characteristics of urban properties, and for other purposes.

1. Short title This Act may be cited as the National Flood Insurance Program Policyholder Protection Act of 2017 . 2. Cap on premiums Paragraph (1) of section 1308(e) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015(e)(1) ) is amended— (1) by striking except — and inserting except as provided in paragraph (4); and ; (2) by striking subparagraphs (A) and (B); (3) in subparagraph (C)— (A) in clause (ii), by redesignating subclauses (I) and (II) as items (aa) and (bb), respectively; (B) by redesignating clauses (i) through (iii) as subclauses (I) through (III), respectively; and (C) by striking (C) in the case of a property that— and inserting the following: (B) The limitations under clauses (i) and (ii) of subparagraph (A) shall not apply in the case of— (i) a property identified under section 1307(g); or (ii) a property that— ; (4) by striking under this title for any property and inserting the following: under this title— (i) for any property ; (5) by inserting (A) subject to subparagraph (B), after the paragraph designation; and (6) by inserting before subparagraph (B), as so redesignated by the amendment made by paragraph (3)(C) of this section, the following new clause: (ii) for any residential property having 4 or fewer residences and for which a valid National Flood Insurance Program Elevation Certificate has been filed with the National Flood Insurance Program within the proceeding calendar year, may not exceed $10,000 in any single year, except that such amount (as it may have been previously adjusted) shall be adjusted for inflation by the Administrator upon the expiration of the 5-year period beginning upon the enactment of the National Flood Insurance Program Policyholder Protection Act of 2017 and upon the expiration of each successive 5-year period thereafter, in accordance with an inflationary index selected by the Administrator. . 3. Premium rates for certain mitigated properties (a) Mitigation strategies Paragraph (1) of section 1361(d) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4102(d)(1) ) is amended— (1) in subparagraph (A), by striking and at the end; (2) in subparagraph (B), by striking and at the end; and (3) by inserting after subparagraph (B) the following new subparagraphs: (C) with respect to buildings in dense urban environments, methods that can be deployed on a block or neighborhood scale; and (D) elevation of mechanical systems; and . (b) Mitigation credit Subsection (k) of section 1308 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015(k) ) is amended— (1) by striking shall take into account and inserting the following: shall— (1) take into account ; (2) in paragraph (1), as so designated by the amendment made by paragraph (1) of this subsection, by striking the period at the end and inserting ; and ; and (3) by adding at the end the following new paragraph: (2) offer a reduction of the risk premium rate charged to a policyholder, as determined by the Administrator, if the policyholder implements any mitigation method described in paragraph (1). . 4. Study of flood insurance coverage for units in cooperative housing The Administrator of the Federal Emergency Management Agency shall conduct a study to analyze and determine the feasibility of providing flood insurance coverage under the National Flood Insurance Program under the National Flood Insurance Act of 1968 ( 42 U.S.C. 4001 et seq.) for individual dwelling units in cooperative housing projects. Not later than the expiration of the 24-month period beginning on the date of the enactment of this Act, the Administrator shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate regarding the findings and conclusions of the study conducted pursuant to this section, which shall include a plan setting forth specific actions to implement the development of such flood insurance coverage.