Establishes a process for local communities to request a remapping based on standards Reimburses owner, lessees or the recommended by the Technical Mapping community for successful map appeals; Map Appeals Same as H.R. 3370 Advisory Council (Established by BW-12 to removes $250,000 limitation imposed by address map modernization issues). Current current law law limited FEMA’s map appeal reimbursements to $250,000 Requires FEMA to create repayment schedule to eliminate the debt and report on its progress every six months. Requires FEMA to build up reserve fund to help meet expected future obligations of the NFIP in Offsets addressed through annual Provides short term relief to increasing Addressing NFIP Fiscal higher-than-average loss years. surcharge of $25 for primary residences premiums as well as a long-term plan to Solvency and $250 for secondary residences and address affordability and fiscal solvency Phases out subsidies for second homes, businesses business properties, severe repetitive loss properties, or substantially improved/damaged properties rates for these properties will I – increase by 25 percent per year until premiums meet full actuarial cost
Map Appeals Establishes a process for local communities to request a remapping based on standards recommended by the Technical Mapping Advisory Council (Established by BW-12 to address map modernization issues). Current law limited FEMA’s map appeal reimbursements to $250,000 Same as H.R. 3370 Reimburses owner, lessees or the community for successful map appeals; removes $250,000 limitation imposed by current law Addressing NFIP Fiscal Solvency Requires FEMA to create repayment schedule to eliminate the debt and report on its progress every six months. Requires FEMA to build up reserve fund to help meet expected future obligations of the NFIP in higher-than-average loss years. Phases out subsidies for second homes, business properties, severe repetitive loss properties, or substantially improved/damaged properties – rates for these properties will I increase by 25 percent per year until premiums meet full actuarial cost Provides short term relief to increasing premiums as well as a long-term plan to address affordability and fiscal solvency Offsets addressed through annual surcharge of $25 for primary residences and $250 for secondary residences and businesses