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Protecting Families and the Solvency of the National Flood Insurance Program Act of 2022
12/30/2022, 12:04 AM
Summary of Bill HR 7842
Bill 117 hr 7842, also known as the Protecting Families and the Solvency of the National Flood Insurance Program Act of 2022, aims to address issues related to the National Flood Insurance Program (NFIP). The NFIP is a federal program that provides flood insurance to homeowners, renters, and businesses in flood-prone areas.
The bill includes provisions to improve the financial stability of the NFIP by increasing premiums for policyholders and implementing measures to reduce the program's debt. It also includes reforms to make the program more sustainable in the long term, such as updating flood maps and encouraging the purchase of private flood insurance.
Additionally, the bill includes provisions to protect families from the financial burden of flooding by increasing funding for mitigation efforts and improving the accuracy of flood risk assessments. It also includes measures to improve transparency and accountability within the NFIP. Overall, the Protecting Families and the Solvency of the National Flood Insurance Program Act of 2022 aims to strengthen the NFIP and ensure that it can continue to provide affordable flood insurance to those who need it while also protecting taxpayers from bearing the brunt of the program's financial burden.
The bill includes provisions to improve the financial stability of the NFIP by increasing premiums for policyholders and implementing measures to reduce the program's debt. It also includes reforms to make the program more sustainable in the long term, such as updating flood maps and encouraging the purchase of private flood insurance.
Additionally, the bill includes provisions to protect families from the financial burden of flooding by increasing funding for mitigation efforts and improving the accuracy of flood risk assessments. It also includes measures to improve transparency and accountability within the NFIP. Overall, the Protecting Families and the Solvency of the National Flood Insurance Program Act of 2022 aims to strengthen the NFIP and ensure that it can continue to provide affordable flood insurance to those who need it while also protecting taxpayers from bearing the brunt of the program's financial burden.
Congressional Summary of HR 7842
Protecting Families and the Solvency of the National Flood Insurance Program Act of 2022
This bill revises the National Flood Insurance Program and expands assistance for properties that have experienced repetitive flood-related losses. For example, the bill expedites the voluntary buyouts of such property.
Additionally, the bill requires community plans for addressing repetitive loss properties and expands mitigation assistance for repairs to structures facing repetitive losses.
The bill also addresses the equity of NFIP mitigation assistance by requiring equity considerations in eligibility determinations, waiving the matching requirement for underserved communities, and expanding predisaster hazard mitigation assistance to high-risk communities.
Read the Full Bill
Current Status of Bill HR 7842
Bill HR 7842 is currently in the status of Bill Introduced since May 19, 2022. Bill HR 7842 was introduced during Congress 117 and was introduced to the House on May 19, 2022. Bill HR 7842's most recent activity was Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management. as of May 20, 2022
Bipartisan Support of Bill HR 7842
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
2Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 7842
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 7842
Protecting Families and the Solvency of the National Flood Insurance Program Act of 2022
Protecting Families and the Solvency of the National Flood Insurance Program Act of 2022
To amend the National Flood Insurance Act of 1968 to expand opportunities for families living in areas of high flood risk to access Federal assistance for voluntary relocation, and for other purposes.
Comments
Sponsors and Cosponsors of HR 7842
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