; (C) a description of actions taken by the Administrator to implement the recommendations made by the study; (D) a list of any recommendations made by the study that, as of the date on which the Administrator submits the report, the Administrator has deferred or upon which the Administrator has not acted; and (E) an explanatory statement with respect to each recommendation described in subparagraph (D). (b) Implementation (1) In general Section 1307(a)(1)(A) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(a)(1)(A) ) is amended— (A) in clause (i), by striking and at the end; (B) in clause (ii), by striking , and and inserting ; and ; and (C) by adding at the end the following: (iii) the replacement cost value of an insured structure when determining underinsurance loading factors, consistent with the requirements of section 1308(e) and taking into account the results of the study conducted under section 206(a)(1) of the Flood Insurance Affordability and Sustainability Act of 2017 ; and . (2) Effective date The amendments made by paragraph (1) shall take effect on the date that is 1 year after the date on which the Administrator submits the report under subsection (a)(2). 208. Affordability vouchers Chapter I of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011 et seq.), as amended by section 205 of this Act, is further amended by adding at the end the following: 1327. Affordability vouchers (a) Definitions In this section— (1) the term area median income means, with respect to an area, the area median income for the area, as defined for the applicable year by the Secretary of Housing and Urban Development; (2) the term eligible household means an owner-occupied household— (A) that has a total household income that is less than 165 percent of the area median income for the area in which the household is located; (B) for which the cost of flood insurance premiums, surcharges, and fees in a year would result in excess costs for the household for that year