Financial Services; Transportation and Infrastructure
Co-Sponsors: 17 – 15 Democrats, 2 Republicans
This bill would reauthorize the National Flood Insurance Program (NFIP) for 5 years through September 30, 2024 and make important reforms to the program. It would ensure flood insurance is affordable for policyholders by capping annual premium increases to 9%, capping Write Your Own (WYO) compensation at 22.46% of written premiums, and creating an affordability assistance fund within the Treasury to aid any policyholders whose housing costs exceed 30percent of their adjusted gross income due to NFIP premiums. The bill also focuses on proactive mitigation efforts by investing in new Light Detection and Ranging (LiDAR) technology for more accurate mapping of flood risks.
(Summary from Pallone press release)
This bill addresses Green New Deal goal 2(A)p.7 to leverage funding to build resiliency against climate change-related disasters and 2(I)p. 9 to mitigate and manage long-term effects of pollution and climate change by funding localized strategies.