Homeowner Flood Insurance Affordability Act Co-Sponsored By Rep. Jeffries Passes The House
WASHINGTON – Today, Rep. Hakeem Jeffries (NY-8) released the following statement after voting in support of H.R. 3370, the Homeowner Flood Insurance Affordability Act. Rep. Jeffries is an original cosponsor of H.R. 3370, which passed the House 306 – 91 on March 4, 2014:
“The Homeowner Flood Insurance Affordability Act will halt premium rate increases that were speeding toward families impacted by Superstorm Sandy like a runaway freight train. While improving the financial viability of the national flood insurance program remains an important objective, we cannot allow skyrocketing flood insurance rates to price people out of their homes. This bill strikes an appropriate balance, and I urge the Senate to move swiftly to reach consensus on legislation that can be signed into law by the President."
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In addition to other provisions, H.R. 3370, the Homeowner Flood Insurance Affordability Act would:
- Repeal of certain rate increase “triggers,” ensuring that no policyholder will experience dramatic rate increases from the sale of a home or a lapse in policy.
- Restoration of “grandfathering,” so those who built properties to code in the past do not have to worry about catastrophic rate increases as a result of remapping.
- Lowering FEMA’s ability to increase rates, from 20% to 15%.
- Refunding excess premium charges to those who have paid significant rate increases.
- Completing the affordability study and framework. The measure provides FEMA the funding necessary to complete the affordability study mandated in the Biggert-Waters Act and requires it to it, along with an affordability framework, to Congress.
Full text of H.R. 3370 can be read HERE.