ABIA and ABA yesterday wrote to senators and representatives to support a pair of bills that would address the flood insurance affordability problem under the 2012 Biggert-Waters law.
Noting their continued support for the transition to actuarial rates under Biggert-Waters, ABIA and ABA expressed concern that flood zone remapping is causing rates to rise severely for current homeowners. “More time is needed for FEMA to conduct an affordability study mandated under Biggert-Waters and to make recommendations to Congress for further action,” the groups said.
ABIA and ABA encouraged Congress to pass the twin bills -- S. 1610, introduced by Sens. Robert Menendez (D-N.J.) and Johnny Isakson (R-Ga.), and H.R. 3370, introduced by Reps. Michael Grimm (R-N.Y.) and Maxine Waters (D-Calif.). “The delay of rate increases included in this legislation will give FEMA the time and resources necessary to complete that study, and will give Congress time to act upon any recommendations resulting from it,” they said.
Read the Senate memo.
Read the House memo.