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108th CONGRESS
1st Session
H. R. 670
To amend the National Flood Insurance Act of 1968 to provide for
identification, mitigation, and purchase of properties insured under
the national flood insurance program that suffer repetitive losses.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 11, 2003
Mr. Baker 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 for
identification, mitigation, and purchase of properties insured under
the national flood insurance program that suffer repetitive losses.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Flood Loss Mitigation Act of 2003''.
SEC. 2. MITIGATION FOR AND PURCHASE OF CERTAIN REPETITIVE LOSS
STRUCTURES.
The National Flood Insurance Act of 1968 is amended by inserting
after section 1361 (42 U.S.C. 4102) the following new section:
``mitigation for and purchase of certain repetitive loss structures
``Sec. 1362. (a) Authority.--To the extent amounts are made
available for use under this section, the Director may, subject to the
limitations of this section--
``(1) carry out mitigation activities that reduce flood
damages to qualified repetitive loss structures (as such term
is defined in subsection (e)); and
``(2) purchase qualified repetitive loss structures, but
only for public or open space use that is consistent with sound
land management and use policies.
``(b) Limitations.--The Director shall establish limitations on the
use of amounts made available under this section for mitigation and
purchase of structures, which shall--
``(1) be designed to encourage owners of structures to
maintain participation in the national flood insurance program;
and
``(2) include limitations that prohibit use of such amounts
for mitigation or purchase of any qualified repetitive loss
structure if--
``(A) as a result of such action, the owner of the
structure will not be able to purchase a replacement
residence;
``(B) any of the flooding that resulted in
designation of the structure as a qualified repetitive
loss structure was a result (in whole or in part) of
third party development;
``(C) such action will interfere with, impair, or
disrupt the preservation or maintenance of historically
or architecturally significant properties or areas or
identifiable neighborhoods or areas of cultural
cohesiveness;
``(D) in purchasing the structure, the owner relied
upon flood insurance rate maps of the Federal Emergency
Management Agency that were current at the time and did
not indicate that the property was located in an area
having special flood hazards; or
``(E) the Director otherwise determines, in the
discretion of the Director, that amounts under this
section should not be used for mitigation or purchase
of such structure.
``(c) Priority for Worst-Case Properties.--In determining the
properties for which to take action under this section, the Director
shall give priority to qualified repetitive loss structures on the
basis of the amount of losses to the National Flood Insurance Fund that
such structures have caused or will cause.
``(d) Borrowing.--
``(1) Issuance of obligations.--Subject to the provisions
of this subsection, the Director may issue and sell such notes
or other obligations to the Secretary of the Treasury as the
Director determines are necessary to provide funds to carry out
this section.
``(2) Terms and conditions.--Obligations under this
subsection shall be issued in the forms and denominations,
bearing the maturities, and subject to the terms and conditions
that the Secretary of the Treasury may prescribe.
``(3) Notification to congress.--At least 25 days before
the issuance or sale of a note or other obligation under
paragraph (1), the Director shall notify, in writing, the
Senate and the House of Representatives of the intention of
such issuance or sale and the dollar amount of such notes or
obligations.
``(4) Purchase of obligations.--The Secretary of the
Treasury shall purchase any obligations issued under this
subsection. For such purpose, the Secretary of the Treasury may
use as a public debt transaction the proceeds from the sale of
any securities issued under chapter 31 of title 31. The
purposes for which securities may be issued under such chapter
are extended to include any purchase of obligations issued
under this subsection.
``(5) Limitation on amount.--The Secretary of the Treasury
may not at any time purchase any obligations under this
subsection if the purchase would increase the aggregate
principal amount of the outstanding holdings of obligations
under this subsection by the Secretary to an amount greater
than $300,000,000.
``(6) Resale authority.--The Secretary of the Treasury may
sell any obligations issued under this subsection at the times
and prices and upon the terms and conditions that the Secretary
of the Treasury shall determine.
``(7) Treatment.--All purchases, redemptions, and sales of
obligations under this subsection by the Secretary of the
Treasury shall be treated as public debt transactions of the
United States.
``(e) Qualified Repetitive Loss Structure.--For purposes of this
section (and sections 1310(g) and 1316(b)), the term `qualified
repetitive loss structure' means a structure that has incurred such
flood-related damage as the Director shall, by regulation, provide in
accordance with the purposes of such sections.
``(f) Authorization of Appropriations.--There is authorized to be
appropriated for costs of activities under this section $100,000,000
for fiscal year 2004, $75,000,000 for fiscal year 2005, $50,000,000 for
fiscal year 2006, and $25,000,000 for fiscal year 2007.''.
SEC. 3. TREATMENT OF SAVINGS.
Section 1310 of the National Flood Insurance Act of 1968 (42 U.S.C.
4017) is amended--
(1) in subsection (a)--
(A) in paragraph (7), by striking ``and'' at the
end;
(B) in paragraph (8), by striking the period at the
end and inserting ``; and''; and
(C) by adding at the end the following new
paragraph:
``(9) for use under subsection (g) of this section.''; and
(2) by adding at the end the following new subsection:
``(g) Use of Mitigation Savings.--
``(1) Determination.--For each fiscal year, the Director
shall make a determination of the portion of the amounts in the
fund that are attributable to savings from mitigation
activities and purchases under section 1362 of qualified
repetitive loss structures (as such term is defined in
subsection (e) of such section).
``(2) Use for mitigation.--In each fiscal year, an amount
in the fund equal to the amount determined under paragraph (1)
of this subsection shall be available (in accordance with
subsection (f)) only for mitigation activities for, and
purchase of, qualified repetitive loss structures under section
1362, except as provided in paragraph (3).
``(3) Use for mapping.--After a determination by the
Director that 75 percent of the number of qualified repetitive
loss structures that existed upon the enactment of the Flood
Loss Mitigation Act of 2003 have been provided mitigation that
sufficiently reduces the risk of losses from flooding, or have
been purchased for public or open space use that is consistent
with sound land management and use policies, the Director may
use up to 75 percent of the amount reserved in each fiscal year
under paragraph (2) of this subsection for costs of mapping
activities under section 1360.''.
SEC. 4. INELIGIBILITY FOR NATIONAL FLOOD INSURANCE PROGRAM.
Section 1316 of the National Flood Insurance Act of 1968 (42 U.S.C.
4023) is amended--
(1) by striking the section heading and inserting the
following:
``prohibition of coverage for certain properties'';
(2) by inserting ``(a) Properties in Violation of State or
Local Law.--'' after ``1316.''; and
(3) by adding at the end the following new subsections:
``(b) Qualified Repetitive Loss Structures.--In the case of a
qualified repetitive loss structure (as such term is defined in section
1362(e)) that was the subject of an offer to purchase or to provide
mitigation activities funded under section 1362 that was refused by the
owner of the property, the Director may--
``(1) deny the provision of any new flood insurance
coverage under this title for such property and may cancel any
existing coverage for such property; or
``(2) notwithstanding section 1308(e) or any other
provision of this title, increase the chargeable risk premium
rate for any new flood insurance coverage under this title for
such property to an amount that is not more than the applicable
estimated risk premium rate for the property under section
1307(a)(1).
``(c) Properties for Which Fraudulent Claims Have Been Made.--The
Director may deny the provision of any new flood insurance coverage
under this title, and may cancel any existing coverage, for a property
if the Director determines that the owner of the property has made
fraudulent claims for losses to the property under coverage provided
under this title.
``(d) Appeals.--Any owner of a property who is aggrieved by a
determination of the Director under subsection (b) or (c) may appeal
such determination by filing, with the Director, a request for an
appeal within 90 days after receiving notice of such determination.
Upon receiving the request, the Director shall select, from a list of
independent third parties compiled by the Director for such purpose, a
party to hear such appeal. The determination made on appeal by such
third party shall be considered a final determination of the Director
for purposes of review under chapter 7 of title 5, United States
Code.''.
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