This bill extends the National Flood Insurance Program through September 2034 and makes significant changes to how the program operates and is funded. It eliminates the Community Rating System that currently offers discounts to some policyholders, reforms how private insurance companies participating in the Write Your Own Program are reimbursed, and caps their agent commissions. The legislation creates a new Flood Protection Affordability Program that ensures no household pays more than a certain percentage of their income toward flood insurance premiums, funded by a new Flood Insurance Program Stability Fee of 20 percent on most policies and 30 percent on non-primary residences and non-residential properties. The bill also provides a 20-year period during which the federal government will not charge interest on existing National Flood Insurance Program debt, with those foregone interest payments directed toward flood mitigation projects. Additionally, it authorizes $200 million annually from 2025 through 2034 for a new levee identification and development program to help states and communities build flood protection infrastructure.
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