H. Rept. 114-524 1 (2016-04-26)

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                      114TH CONGRESS                                            REPORT
                         2d Session      HOUSE   OF  REPRESENTATIVES            114-524







                                FLOOD INSURANCE MARKET PARITY AND
                                            MODERNIZATION ACT



                      APRIL 26, 2016.-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. 2901]

                                [Including cost estimate of the Congressional Budget Office]

                        The  Committee   on Financial  Services, to whom   was  referred  the
                     bill (H.R. 2901) 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 Flood Insurance Market Parity and Modernization
                     Act.
                     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 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 available
                     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 covered by
                     flood insurance: Provided, That the amount of flood insurance (1) in the case of Fed-
                     eral flood insurance, is at least equal to the development or project cost of the build-
                     ing, mobile home, or personal property (less estimated land cost), the outstanding
                     principal balance of the loan, or the maximum limit of Federal flood insurance cov-
                     erage made available with respect to the particular type of property, whichever is
                     less; or (2) in the case of private flood insurance, is at least equal to the develop-
                         59-006

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