National Flood Insurance Program Affordability Act

This bill mandates the Federal Emergency Management Agency (FEMA) to establish a means-tested assistance program within one year of enactment. This program aims to provide graduated discounts on flood insurance costs for eligible policyholders, ensuring that their chargeable premium rate does not exceed one percent of the area median income. Eligibility for assistance extends to individuals with household incomes up to 120 percent of the area median income, as well as small businesses with up to 100 employees and not-for-profit organizations that meet a hardship metric to be defined by FEMA. The bill appropriates $250,000,000 annually to fund this program, with a requirement for FEMA to expend at least 95 percent of these funds each fiscal year. FEMA is also directed to issue necessary regulations and guidance for the program's implementation within one year, including the specific hardship metric for businesses and non-profits. Additionally, the Administrator must submit a report to Congress addressing the feasibility of alternative eligibility criteria, such as considering principal, interest, taxes, and insurance (PITI) instead of household income. Finally, the bill requires FEMA to implement monthly installment payments for NFIP premiums within 180 days or provide a detailed explanation for any inability to do so.