US HB6934

FEMA Administrator must establish within 1 year a means-tested assistance program providing graduated premium discounts for National Flood Insurance Program policyholders, capping premiums at 1% of area median income for eligible participants

Eligible policyholders include households earning up to 120% of area median income, small businesses with 100 or fewer employees meeting hardship criteria, and qualifying non-profit organizations

$250 million appropriated annually to fund the program, with FEMA required to expend at least 95% of funds each fiscal year

FEMA must implement monthly installment payment options for flood insurance premiums within 180 days or explain to Congress why implementation is not feasible

FEMA required to submit a report to Congress within 1 year examining alternative eligibility criteria based on principal, interest, taxes, and insurance costs rather than household income