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HR 8616 116th Congress House Finance and Financial Sector Building construction Floods and storm protection Government Accountability Office (GAO) Government information and archives Government studies and investigations Life, casualty, property insurance

Build for Future Disasters Act of 2020

Introduced: October 16, 2020 Introduced by: Peters, Scott H. Democratic · California See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 16, 2020
Referred to the House Committee on Financial Services.
Oct 16, 2020
Introduced in House
 Plain-English summary Congressional Research Service

Build for Future Disasters Act of 2020

This bill eliminates certain National Flood Insurance Program (NFIP) rate subsidies for newly constructed property. Specifically, the chargeable rate for NFIP coverage of newly constructed property and any substantial improvements of property started on or after January 1, 2025, must not be not less than the estimated risk premium rate.

The Government Accountability Office must report on the feasibility and effects of (1) eliminating by January 1, 2027, all subsidies that reduce premiums for NFIP coverage to amounts below those necessary to operate to program without a deficit, and (2) prohibiting these subsidies unless flood mitigation activities have been completed on a property.

What's happening now October 16, 2020

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1