118th Congress · HOUSE BILLBILL

H.R. 1540 — National Flood Insurance Program Affordability Act

“To establish a means-tested assistance program for national flood insurance program policyholders, and for other purposes.”

Finance and financial sector

Introduced Mar 10, 2023

Last action Mar 10, 2023

Pipeline · Bill → Law

Step 1

Introduced

Mar 10, 2023

Step 2

Referred

Mar 10, 2023

Financial Services

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill requires the Federal Emergency Management Agency to provide discounts on National Flood Insurance Program coverage to low-income households, small businesses, and not-for-profit entities. Specifically, the chargeable premium rate for an eligible primary residential dwelling and related personal property must not exceed 1% of the median income of the area in which the property is located.

Provisions · 4 sectionsIntroduced in House

Timeline · 2 actions

Mar 10, 2023

Introduced in House

Mar 10, 2023

Referred to the House Committee on Financial Services.