,,ib  ,union ,cal5d> ,no4 #ahe  #aae?   
,,congress  #a/ ,session  ,h4 ,r4 #bbdf 
,report ,no4 #aae-bee  ,,9 ,,! ,,h\se   
,,( ,,repres5tatives  ,april #bh1 #bjag 
,mr4 ,luetkemey] introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,july #be1 #bjag    
,report$ ) an am5dm5t1 committ$ to !    
,committee ( ! ,:ole ,h\se on ! ,/ate ( 
! ,union1 & ord]$ to be pr9t$ ,/rike out
 all aft] ! enact+ clause & ins]t ! "p  
pr9t$ 9 italic ,= text ( introduc$ bill1
 see copy ( bill z introduc$ on ,april  
#bh1 #bjag  ,a ,,bill  ,to repeal !     
m&atory flood insurance cov]age         
requirem5t = comm]cial prop]ties locat$ 
9 flood haz>d areas & to provide =      
great] transf] ( risk "u ! ,national    
,flood ,insurance ,program to private   
capital & re9surance m>kets1 & = o!r    
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,taxpay] ,exposure         
,mitigation ,act ( #bjag4  #b4 ,opt-out 
( m&atory cov]age requirem5t = comm]cial
 prop]ties  7a7 ,am5dm5ts to ,flood     

,disa/] ,protection ,act ( #aigc ,!     
,flood ,disa/] ,protection ,act ( #aigc 
is am5d$--  7#a7 9 section #c7;a7 7#db  
,u4,s4,c4 #djjc7;a77-- 7,a7 9 p>agraph  
7#aj71 by /rik+ & at ! end2  7,b7 9     
p>agraph 7#aa71 by /rik+ ! p]iod at !   
end & ins]t+ 2 &2 &  7,c7 by add+ at !  
end ! foll[+ new p>agraph3  7#ab7       
resid5tial improv$ real e/ate means     
improv$ real e/ate t-- 7,a7 is prim>ily 
us$ = resid5tial purposes1 z def9$ by ! 
,f$]al entities = l5d+ regulation2 &    
7,b7 secures f9anc+ or f9ancial         
assi/ance provid$ ?r\gh a f$]ally relat$
 s+le family loan progam1 z def9$ by !  
,f$]al entities = l5d+ regulation4  2 & 
7#b7 9 section #ajb 7#db ,u4,s4,c4      
#djab;a7--  7,a7 9 subsection 7b7-- 7i7 
9 p>agraph 7#a77;,a7--  7,i7 by ins]t+  
resid5tial be=e improv$ real e/ate2 &   
7,,ii7 by ins]t+ resid5tial be=e build+ 
or mobile home2  7ii7 9 p>agraph 7#b7-- 
7,i7 by ins]t+ resid5tial be=e improv$  
real e/ate2 &  7,,ii7 by ins]t+         
resid5tial be=e build+ or mobile home2 &

  7iii7 9 p>agraph 7#c7--  7,i7 9       
subp>agraph 7,a71 by ins]t+ resid5tial  
be=e improv$ real e/ate2 &  7,,ii7 9 !  
matt] aft] & bel[ subp>agraph 7,b71 by  
ins]t+ resid5tial be=e build+ or mobile 
home2  7,b7 9 subsection 7c77#c71 by    
/rik+ 1 9 ! case ( any resid5tial       
prop]ty1 = any /ructure t is a "p ( su* 
prop]ty & ins]t+ = any /ructure t is "p 
( a resid5tial prop]ty2  7,c7 9         
subsection 7e7--  7i7 9 p>agraph 7#a7-- 
7,i7 by ins]t+ resid5tial be=e improv$  
real e/ate2 &  7,,ii7 by ins]t+         
resid5tial be=e build+ or mobile home   
ea* place su* t]m appe>s2 &  7ii7 9     
p>agraph 7#e7--  7,i7 9 subp>agraph     
7,a7-- 7aa7 by ins]t+ resid5tial be=e   
improv$ real e/ate ea* place su* t]m    
appe>s2 &  7bb7 by ins]t+ resid5tial    
be=e build+ or mobile home ea* place su*
 t]m appe>s2  7,,ii7 9 subp>agraph 7,b71
 by ins]t+ resid5tial be=e build+ or    
mobile home ea* place su* t]m appe>s2 & 
7,,iii7 9 subp>agraph 7,c71 by ins]t+   
resid5tial be=e build+ or mobile home2 &

  7,d7 9 subsection 7h7--  7i7 by ins]t+
 resid5tial be=e improv$ real e/ate ea* 
place su* t]m appe>s2 &  7ii7 9 ! matt] 
prec$+ p>agraph 7#a71 by ins]t+         
resid5tial be=e build+ or mobile home4  
7b7 ,am5dm5ts to ,national ,flood       
,insurance ,act ( #aifh ,! ,national    
,flood ,insurance ,act ( #aifh is       
am5d$-- 7#a7 9 section #acfd7;a7 7#db   
,u4,s4,c4 #dajd;a7a77--  7,a7 9 p>agraph
 7#a71 by ins]t+ resid5tial be=e improv$
 real e/ate2  7,b7 9 p>agraph 7#b71 by  
ins]t+ resid5tial be=e improv$ real     
e/ate2 &  7,c7 9 p>agraph 7#c77;,a71 by 
ins]t+ resid5tial be=e build+2  7#b7 9  
section #acfe 7#db ,u4,s4,c4 #dajd;b7-- 
7,a7 9 subsection 7a7-- 7i7 by ins]t+   
resid5tial be=e improv$ real e/ate2 &   
7ii7 by ins]t+ resid5tial be=e build+2  
7,b7 9 subsection 7b77#b7--  7i7 by     
ins]t+ resid5tial be=e build+ ea* place 
su* t]m appe>s2 &  7ii7 by ins]t+       
resid5tial be=e improv$ real e/ate ea*  
place su* t]m appe>s2  7,c7 9 subsection
 7d71 by ins]t+ resid5tial be=e improv$ 

real e/ate ea* place su* t]m appe>s2 &  
7,d7 9 subsection 7e7--  7i7 by ins]t+  
resid5tial be=e improv$ real e/ate2 &   
7ii7 by ins]t+ resid5tial be=e build+   
ea* place su* t]m appe>s2 &  7#c7 9     
section #acgj 7#db ,u4,s4,c4 #daba7--   
7,a7 9 p>agraph 7#h71 by ins]t+         
resid5tial be=e improv$ real e/ate2     
7,b7 by r$esignat+ p>agraphs 7#ad7 &    
7#ae7 z p>agraphs 7#ae7 & 7#af71        
respectively2 &  7,c7 by ins]t+ aft]    
p>agraph 7#ac7 ! foll[+ new p>agraph3   
7#ad7 ! t]m resid5tial improv$ real     
e/ate means improv$ real e/ate t-- 7,a7 
is prim>ily us$ = resid5tial purposes1 z
 def9$ by ! ,f$]al entities = l5d+      
regulation2 &  7,b7 secures f9anc+ or   
f9ancial assi/ance provid$ ?r\gh a      
f$]ally relat$ s+le family loan progam1 
z def9$ by ! ,f$]al entities = l5d+     
regulation2  4  7c7 ,rule ( con/ruction 
,?is section & ! am5dm5ts made by ?is   
section may n be con/ru$ to prohibit !  
,adm9i/rator ( ! ,f$]al ,em]g5cy        
,managem5t ,ag5cy f (f]+ flood insurance

 cov]age "u ! ,national ,flood          
,insurance ,program = eligible          
non-resid5tial prop]ties1 o!r resid5tial
 multifamily prop]ties1 or /ructures    
f9anc$ ) comm]cial loans1 or to prohibit
 ! pur*ase ( su* cov]age = su* eligible 
prop]ties4  #c4 ,risk transf] requirem5t
 ,subsection 7e7 ( section #acde ( !    
,national ,flood ,insurance ,act ( #aifh
 7#db ,u4,s4,c4 #djha7;e77 is am5d$--   
7#a7 by /rik+ 7e7 ,risk transf]4--,!    
,adm9i/rator & ins]t+ ! foll[+3  7e7    
,risk transf]  7#a7 ,au?ority ,!        
,adm9i/rator  2 &  7#b7 by add+ at ! end
 ! foll[+ new p>agraph3  7#b7 ,requir$  
risk transf] cov]age  7,a7 ,requirem5t  
,n lat] ?an ! expiration ( ! #ah-mon?   
p]iod beg9n+ ^u ! date ( ! enactm5t (   
?is p>agraph & at all times !reaft]1 !  
,adm9i/rator %all annually c$e a portion
 ( ! risk ( ! flood insurance program "u
 ?is title to ! private re9surance or   
capital m>kets1 or any comb9ation !re(1 
& at rates & t]ms t ! ,adm9i/rator      
det]m9es to be reasonable & appropriate1

 9 an am\nt t-- 7i7 is suffici5t to     
ma9ta9 ! ability ( ! program to pay     
claims2 &  7ii7 manages & limits !      
annual exposure ( ! flood insurance     
program to flood losses 9 accordance ) !
 probable maximum loss t>get e/abli%$ = 
su* ye> "u subp>agraph 7,b74  7,b7      
,probable maximum loss t>get ,!         
,adm9i/rator %all = ea* fiscal ye>1     
e/abli% a probable maximum loss t>get = 
! national flood insurance program t    
%all be ! maximum probable loss "u !    
national flood insurance program t is   
expect$ to occur 9 su* fiscal ye>4  7,c7
 ,consid]ations ,9 e/abli%+ ! probable  
maximum loss t>get "u subp>agraph 7,b7 =
 ea* fiscal ye> & c>ry+ out subp>agraph 
7,a71 ! ,adm9i/rator %all consid]-- 7i7 
! probable maximum loss t>gets = o!r    
,unit$ ,/ates public natural cata/rophe 
insurance programs1 includ+ z ,/ate w9d 
pools & e>?quake programs2  7ii7 !      
probable maximum loss t>gets ( o!r risk 
managem5t organizations1 includ+ !      
,f$]al ,national ,mortgage ,association 

& ! ,f$]al ,home ,loan ,mortgage        
,corporation2  7iii7 cata/rophic1       
actu>ial1 & o!r appropriate data model+ 
results ( ! national flood insurance    
program portfolio2  7iv7 ! availability 
( funds 9 ! ,national ,flood ,insurance 
,fund e/abli%$ "u section #acaj 7#db    
,u4,s4,c4 #djag72  7v7 ! availability ( 
funds 9 ! ,national ,flood ,insurance   
,res]ve ,fund e/abli%$ "u section       
#acaj;,a 7#db ,u4,s4,c4 #djag;a72  7vi7 
! availability ( borr[+ au?ority "u     
section #acji 7#db ,u4,s4,c4 #djaf72    
7vii7 ! ability ( ! ,adm9i/rator to     
repay out/&+ debt2  7viii7 am\nts       
appropriat$ to ! ,adm9i/rator to c>ry   
out ! national flood insurance program2 
7ix7 re9surance1 capital m>kets1        
cata/rophe bonds1 collat]aliz$          
re9surance1 resili5ce bonds1 & o!r      
insurance-l9k$ securities1 & o!r risk   
transf] opportunities2 &  7x7 any o!r   
factor ! ,adm9i/rator det]m9es          
appropriate4  7,d7 ,multi-ye> contracts 
,no?+ 9 ?is p>agraph may be con/ru$ to  

prev5t or prohibit ! ,adm9i/rator f     
comply+ ) ! requirem5t "u subp>agraph   
7,a7 reg>d+ c$+ risk ?r\gh contracts    
hav+ a duration long] ?an "o ye>4  4    
#d4 ,community flood maps  7a7 ,te*nical
 ,mapp+ ,advisory ,c\ncil ,section      
#ajjbae ( ! ,bigg]t-,wat]s ,flood       
,insurance ,re=m ,act ( #bjab 7#db      
,u4,s4,c4 #daja;a7 is am5d$-- 7#a7 9    
subsection 7c7--  7,a7 9 p>agraph       
7#e77;,b71 by /rik+ & at ! end2  7,b7 by
 r$esignat+ p>agraph 7#f7 z p>agraph    
7#i72 &  7,c7 by ins]t+ aft] p>agraph   
7#e7 ! foll[+ new p>agraphs3  7#f7      
recomm5d to ! ,adm9i/rator me?ods or    
actions to make ! flood mapp+ processes 
m effici5t2  7#g7 recomm5d to !         
,adm9i/rator me?ods or actions to       
m9imize any co/1 data1 & pap]work       
requirem5ts ( ! flood mapp+ processes2  
7#h7 assi/ communities1 & 9 p>ticul>    
small] communities1 9 locat+ ! res\rces 
requir$ to p>ticipate 9 ! developm5t (  
flood elevations & flood haz>d area     
designations2 &  2 &  7#b7 by add+ at ! 

end ! foll[+ new subsection3  7m7       
,community flood maps  7#a7 ,/&>ds &    
proc$ures ,9 addition to ! o!r duties ( 
! ,c\ncil "u ?is section1 n lat] ?an !  
expiration ( ! #ab-mon? p]iod beg9n+ on 
! date ( ! enactm5t ( ?is subsection1 ! 
,c\ncil %all recomm5d to ! ,adm9i/rator 
/&>ds & requirem5ts = *ief executive    
(fic]s1 or entities designat$ by *ief   
executive (fic]s1 ( ,/ates & communities
 p>ticipat+ 9 ! ,national ,flood        
,insurance ,program to use 9 mapp+ flood
 haz>ds locat$ 9 ,/ates & communities t 
*oose to develop alt]native maps to !   
flood insurance rate maps develop$ by ! 
,ag5cy4 ,! recomm5d$ /&>ds & requirem5ts
 %all include proc$ures = provid+       
notification & appeal rights to         
individuals )9 ! communities ( ! propos$
 flood elevation det]m9ations4  7#b7    
,exemption f rulemak+ ,until su* "t z ! 
,adm9i/rator promulgates regulations    
implem5t+ p>agraph 7#a7 ( ?is           
subsection1 ! ,adm9i/rator may1 not)/&+ 
any o!r provision ( law1 adopt policies 

& proc$ures necess>y to implem5t su*    
p>agraphs )\t und]go+ notice & comm5t   
rulemak+ & )\t conduct+ regulatory      
analyses o!rwise requir$ by /atute1     
regulation1 or executive ord]4  4  7b7  
,,fema id5tification ( flood-prone areas
 ,subsection 7a7 ( section #acfj ( !    
,national ,flood ,insurance ,act ( #aifh
 7#db ,u4,s4,c4 #daja7;a77 is am5d$--   
7#a7 9 p>agraph 7#b71 by /rik+ ! p]iod  
at ! end & ins]t+ 2 &2  7#b7 by         
r$esignat+ p>agraphs 7#a7 & 7#b7 z      
subp>agraphs 7,a71 & 7,b71 respectively1
 & realign+ su* subp>agraphs s z to be  
ind5t$ #d ems f ! left m>g92  7#c7 by   
/rik+ is au?oriz$ to consult & ins]t+ ! 
foll[+3 is au?oriz$--  7#a7 to consult  
2  7#d7 by add+ at ! end ! foll[+ new   
p>agraph3  7#b7 to receive propos$      
alt]native maps f communities develop$  
pursuant to /&>ds & requirem5ts         
recomm5d$ by ! ,te*nical ,mapp+         
,advisory ,c\ncil1 z requir$ by section 
#ajjbae7m7 ( ! ,bigg]t-,wat]s ,flood    
,insurance ,re=m ,act ( #bjab 7#db      

,u4,s4,c4 #daja;a7m77 & adopt$ by !     
,adm9i/rator z requir$ by section       
#ajjbaf7;c77#c7 ( su* ,act 7#db         
,u4,s4,c4 #daja;b7c77#c771 s t !        
,adm9i/rator may-- 7,a7 publi% in=mation
 ) respect to all flood pla9 areas1     
includ+ coa/al areas locat$ 9 ! ,unit$  
,/ates1 :i* h special flood haz>ds1 &   
7,b7 e/abli% or update flood-risk zone  
data 9 all su* areas1 & make e/imates ) 
respect to ! rates ( probable flood     
caus$ loss = ! v>i\s flood risk zones = 
ea* ( ^! areas until ! date specifi$ 9  
section #acai4  4  7c7 ,national ,flood 
,mapp+ ,program ,section #ajjbaf ( !    
,bigg]t-,wat]s ,flood ,insurance ,re=m  
,act ( #bjab 7#db ,u4,s4,c4 #daja;b7 is 
am5d$--  7#a7 9 subsection 7a71 by      
ins]t+ prep>$ by ! ,adm9i/rator1 or by a
 community pursuant to section          
#acfj7;a77#b7 ( ! ,national ,flood      
,insurance ,act ( #aifh1 aft] ,program  
rate maps2  7#b7 9 subsection 7c7--     
7,a7 9 p>agraph 7#a77;,b71 by /rik+ & at
 ! end2  7,b7 9 p>agraph 7#b77;,c71 by  

/rik+ ! p]iod at ! end & ins]t+ a       
semicolon2 &  7,c7 by add+ at ! end !   
foll[+ new p>agraphs3  7#c7 e/abli% &   
adopt /&>ds & requirem5ts = developm5t  
by ,/ates & communities ( alt]native    
flood insurance rate maps to be submitt$
 to ! ,adm9i/rator pursuant to section  
#acfj7;a77#b7 ( ! ,national ,flood      
,insurance ,act ( #aifh1 tak+ into      
consid]ation ! recomm5dations ( !       
,te*nical ,mapp+ ,advisory ,c\ncil made 
pursuant to section #ajjbae7m7 ( ?is    
,act 7#db ,u4,s4,c4 #daja;a7m772 &  7#d7
 9 ! case ( propos$ alt]native maps     
receiv$ by ! ,adm9i/rator pursuant to   
su* section #acfj7;a77#b71 n lat] ?an ! 
expiration ( ! #f-mon? p]iod beg9n+ ^u  
receipt ( su* propos$ alt]native maps-- 
7,a7 det]m9e :e!r su* maps 7 develop$ 9 
accordance ) ! /&>ds & requirem5ts      
adopt$ pursuant to p>agraph 7#c7 ( ?is  
subsection2 &  7,b7 approve or          
disapprove su* propos$ maps = use "u    
,national ,flood ,insurance ,program4  2
 &  7#c7 9 subsection 7d77#a71 by ins]t+

 maximum be=e #cj-;day p]iod ea* place  
su* t]m appe>s 9 subp>agraphs 7,b7 &    
7,c74  ,july #be1 #bjag ,report$ ) an   
am5dm5t1 committ$ to ! ,committee ( !   
,:ole ,h\se on ! ,/ate ( ! ,union1 &    
ord]$ to be pr9t$