ABSTRACT

Congressional Budget Office Cost Estimate: H.R. 2874: 21st Century Flood Reform Act   [open pdf - 105KB]

"H.R. 2874 would authorize the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA), to enter into and renew flood insurance policies through fiscal year 2022. Under current law, that authority will expire after December 8, 2017. The legislation also would make a number of changes to the NFIP aimed at improving the financial status of the program and encouraging the growth of a private market for flood insurance. CBO [Congressional Budget Office] estimates that the changes made by this legislation would increase collections from NFIP policyholders but would reduce the number of property owners who purchase insurance through the NFIP. On net, CBO estimates that the changes made by H.R. 2874 would reduce direct spending by $187 million over the 2018-2027 period. CBO also estimates that enacting H.R. 2874 would increase revenues by about $4 million over the 2018-2027 period."

Publisher:
Date:
2017-09-08
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Budget Office: http://www.cbo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
Help with citations