1. Short title This Act may be cited as the National Flood Insurance Program Affordability Act . 2. Means-tested assistance for national flood insurance program policyholders (a) In general The Administrator of the Federal Emergency Management Agency shall, not later than 1 year after the date of the enactment of this Act, establish a means-tested program under which the Administrator provides assistance to eligible policyholders in the form of graduated discounts for insurance costs with respect to covered properties. (b) Discounts The Administrator shall use amounts provided under this section to establish graduated discounts available to eligible policyholders under this section, with respect to covered properties, such that the chargeable premium rate for an eligible policyholder that applies for assistance under this section may not exceed 1 percent of the area median income for the area in which the property to which the policy applies is located. (c) Application To receive assistance under this Act, an eligible policyholder shall submit an application to the Administrator at such time, in such manner, and containing such information as the Administrator may reasonably require and assistance will no longer be available when the amounts appropriated pursuant to subsection (f) have been expended for a fiscal year. (d) Rulemaking and guidance Not later than 1 year after the date of the enactment of this Act, the Administrator shall issue such regulations and guidance as the Administrator determines necessary to carry out this Act, including a hardship metric for small businesses and not-for-profit entities to qualify for assistance under this Act. (e) Report Not later than 1 year after the date of the enactment of this section, the Administrator shall submit to the Congress, a report that— (1) addresses the feasibility of making eligibility for assistance under the program established under this Act based on a consideration of an eligible policyholder’s principal, interest, taxes, and insurance instead of