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![handle is hein.congrecreports/crptxaadu0001 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
Gp
115TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 115-220
PRIVATE FLOOD INSURANCE MARKET DEVELOPMENT
ACT OF 2017
JULY 14, 2017.-Committed to the Committee of the Whole House on the State of
the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 1422]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 1422) to amend the Flood Disaster Protection Act of 1973
to require that certain buildings and personal property be covered
by flood insurance, and for other purposes, having considered the
same, report favorably thereon with an amendment and rec-
ommend that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Private Flood Insurance Market Development Act
of 2017.
SEC. 2. PRIVATE FLOOD INSURANCE.
(a) MANDATORY PURCHASE REQUIREMENT.-
(1) AMOUNT AND TERM OF COVERAGE.-Section 102 of the Flood Disaster Pro-
tection Act of 1973 (42 U.S.C. 4012a) is amended by striking Sec. 102. (a) and
all that follows through the end of subsection (a) and inserting the following:
SEC. 102. (a) AMOUNT AND TERM OF COVERAGE.-After the expiration of sixty
days following the date of the enactment of this Act, no Federal officer or agency
shall approve any financial assistance for acquisition or construction purposes for
use in any area that has been identified by the Administrator as an area having
special flood hazards and in which the sale of flood insurance has been made avail-
able under the National Flood Insurance Act of 1968, unless the building or mobile
home and any personal property to which such financial assistance relates is cov-
ered by flood insurance: Provided, That the amount of flood insurance (1) in the case
of Federal flood insurance, is at least equal to the development or project cost of
the building, mobile home, or personal property (less estimated land cost), the out-
standing principal balance of the loan, or the maximum limit of Federal flood insur-
ance coverage made available with respect to the particular type of property, which-
ever is less; or (2) in the case of private flood insurance, is at least equal to the
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