Coverage of pre-FIRM condominium basements and study on street raising

(a) Basement clarification (1) In general Section 1305 of the National Flood Insurance Act of 1968 (42 U.S.C. 4012) is amended by adding at the end the following: (e) Availability of insurance for pre-FIRM condominium basements (1) Definition In this subsection, the term pre-FIRM condominium building means a condominium building that was not constructed or substantially improved after the later of— (A) December 31, 1974; or (B) the effective date of the initial flood insurance rate map published by the Administrator under section 1360 for the area in which the building is located. (2) Coverage The Administrator shall offer an optional rider to a contract for flood insurance made available under this title that covers the basement of a pre-FIRM condominium building that serves as a separate residential unit within that condominium building.. (2) Amendments to regulations Not later than 180 days after the date of enactment of this Act, the Administrator shall make any amendments to the regulations of the Federal Emergency Management Agency that are necessary as a result of the amendment made by paragraph (1). (b) Study on consequences of street-Raising (1) Definition In this subsection, the term affected property means a property containing an area— (A) the floor of which was located at or above grade before the community raised the street adjacent to the property; and (B) after the street-raising described in subparagraph (A), that was designated as a basement because of the street-raising. (2) Study; report Not later than 1 year after the date of enactment of this Act, the Administrator shall study and submit to Congress a report on the consequences of street-raising on flood insurance coverage for an affected property under the National Flood Insurance Program, including the cost implications for the property owner.