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H.R. 2565, a Bill to Require the Use of Replacement Cost Value in Determining the Premium Rates for Flood Insurance Coverage under the National Flood Insurance Act, and for Other Purposes 1 (July 14, 2017)

handle is hein.congrec/cbo3589 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE a COST ESTIMATE July 14, 2017 H.R. 2565 A bill to require the use of replacement cost value in determining the premium rates for flood insurance coverage under the National Flood Insurance Act, and for other purposes As ordered reported by the House Committee on Financial Services on June 21, 2017 SUMMARY H.R. 2565 would direct the Federal Emergency Management Agency (FEMA) to analyze different methods and develop a plan for incorporating the actual replacement cost of each structure insured by the National Flood Insurance Program (NFIP) into the premium charged to each property owner. The bill also would require FEMA to submit the plan and an analysis of any alternative plans it considered to the Congress. FEMA would then be required to phase in its plan over a three-year period. CBO estimates that implementing H.R. 2565 would cost $15 million over the 2018-2022 period, assuming appropriation of the necessary amounts. CBO estimates that enacting the legislation would affect direct spending; therefore, pay-as-you-go procedures apply. However, those effects would not be significant. Enacting the bill would not affect revenues. CBO estimates that enacting H.R. 2565 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2028. H.R. 2565 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA) and would not affect the budgets of state, local, or tribal governments. ESTIMATED COST TO THE FEDERAL GOVERNMENT The estimated budgetary effect of H.R. 2565 is shown in the following table. The costs of this legislation fall within budget function 450 (community and regional development).

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