Saturday, March 8, 2014

Congressman Meeks Re: Passage of Homeowner Flood Insurance Affordability Act

FOR IMMEDIATE RELEASE                                   Contact: Candace Sandy
                                                                                    202-225-3461 (work)
                                                                                    718-683-4209 (mobile)
March 4, 2014
U.S. Rep. Gregory W. Meeks Applauds the Passage  
of the Homeowner Flood Insurance Affordability Act

WASHINGTON, D.C. – Today, the House of Representatives agreed on H.R. 3370, the Homeowner Flood Insurance Affordability Act (HFIA), a bi-partisan measure to provide relief to flood insurance policy holders across the country.  The bill, approved by more than two thirds support, includes provisions insisted on by U.S. Rep. Gregory W. Meeks to retroactively provide refunds for policy holders whose rates have severely increased over the last year.

In a statement given on the floor preceding today’s vote, Congressman Meeks stated, “Let me first thank Ranking Member Waters and my good friend Michael Grimm for working collectively to make this thing happen.  You see, it was just 17 months ago that residents in my congressional district, the 5th Congressional District of New York, and others throughout America were devastated by Super Storm Sandy.  But little did they know then that they would be hit by another storm.  And then came FEMA with astronomical rate increases to their flood insurance program.  Two strikes in the midst of a severe recession and many of them are out.  It [HFIA] will finally give relief to individuals who were wondering what they were going to do. ”

Below are excerpts from the House floor statement...

In addition to providing this critical relief to homeowners across the country, the Flood Insurance Affordability Act also amends the National Flood Insurance Program to permanently remove the home sale rate increase trigger for primary residences and reinstates grandfathers policy rates by decoupling rate increases from FEMA remapping.
“With this bill, we add certainty to homeowners who are struggling to recover from the economic crisis.  This bill provides solutions for homeowners who have seen excessive rate increases.  It provides retroactive refunds to many victims of high rate increases.  It also includes affordability measures such as a rate increase cap, optional monthly installment plans, and flood proofed basement exemptions.  The Homeowner Flood Insurance Affordability Act is a positive sign that the House of Representatives can work in a bipartisan fashion to solve the problems facing American families.”


No comments:

Post a Comment