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H.R. 3924 (113th): Helping Owners Mitigate Effectively Act of 2014

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jan 17, 2014.

Helping Owners Mitigate Effectively Act of 2014 or the HOME Act of 2014 - Delays any change in risk premium rates for flood insurance under the National Flood Insurance Program resulting from amendments made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act) until five years after the enactment date of such Act.

Amends the National Flood Insurance Act of 1968 to provide that the maximum annual chargeable flood insurance premium rate for a property shall be the appraised value of the property when purchased by its current owner divided by 30.

Amends the Internal Revenue Code to allow a tax credit of up to $7,500 for flood mitigation expenses in a taxable year for policy holders of flood insurance coverage and small businesses. Terminates such credit after December 31, 2022

Amends the Biggert-Waters Act to authorize the Administrator of the Federal Emergency Management Agency (FEMA) to use any other amounts available to the Administrator to carry out the the study of participation in the National Flood Insurance Program and of the affordability of risk-based premiums under such Program.

Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to authorize increased appropriations for predisaster hazard mitigation for FY2014-FY2018.  Authorizes appropriations for flood risk mitigation assistance for FY2014-FY2018.