This bill, titled the "Flood Insurance Affordability Tax Credit Act," amends the Internal Revenue Code of 1986 to introduce a new refundable tax credit for certain flood insurance coverage. Taxpayers can claim a credit equal to 33 percent of the premiums paid or incurred for flood insurance on their principal residence under the National Flood Insurance Program. This credit is designed to make flood insurance more accessible and affordable for homeowners. The credit includes an income-based limitation , where the amount is reduced for taxpayers whose household income exceeds 350 percent of the poverty line for their family size, phasing out completely by 435 percent of the poverty line. Additionally, the bill establishes a program for the Secretary of the Treasury to make advance payments of this credit directly to the Federal Emergency Management Agency (FEMA) on behalf of eligible individuals. These advance payments are also limited to 33 percent of applicable premiums and are reconciled against the final credit amount at tax time, applying to taxable years beginning after the date of enactment.