Flood mitigation assistance grants

(a) Flood Mitigation Assistance Grant Program priority Section 1366 of the National Flood Insurance Act (42 U.S.C. 4104c) is amended— (1) in subsection (a)— (A) by redesignating paragraphs (1), (2), and (3) as subparagraphs (A), (B), and (C), respectively, and adjusting the margins accordingly; (B) in the second sentence of the matter preceding subparagraph (A), as so redesignated, by striking assistance shall be and inserting the following: assistance shall— (1) be; (C) in paragraph (1)(C), as so redesignated, by striking the period at the end and inserting; and; and (D) by adding at the end the following: (2) in addition to the requirement under paragraph (1)(C), give priority to properties— (A) that are repetitive loss structures; (B) with respect to which the Administrator makes a determination that the premium rates with respect to a policy for flood insurance coverage under this title— (i) are unaffordable; or (ii) will soon become unaffordable as a result of a risk adjustment under Risk Rating 2.0, as in effect on the date of that determination; and (C) for which aggregate losses exceed the replacement value of the properties.; and (2) in subsection (h), by adding at the end the following: (4) Unaffordable The term unaffordable means, with respect to the premium rates for a policy for flood insurance coverage under this title, that, in a year, those rates are in such an amount that the housing expenses (as defined in section 1308B(a)) of the household that is the subject of the policy are, for that year, more than 30 percent of the adjusted gross income (as defined in section 62 of the Internal Revenue Code of 1986).. (b) Additional mitigation assistance (1) Appropriations from general fund of Treasury For each of the first 5 full fiscal years after the date of enactment of this Act, there is authorized to be appropriated $1,000,000,000 to the National Flood Mitigation Fund to provide mitigation assistance under this subsection. (2) Rule of construction The authorization of appropriations under subparagraph (A) shall not be construed to authorize the transfer or crediting to the National Flood Mitigation Fund of any amounts from the National Flood Insurance Fund.