The Homeowner Flood Insurance Affordability Act passed the U.S. House via a vote of 306 to 91.
“The passage of this bill represents a major, uplifting milestone in our city’s long road to recovery since Superstorm Sandy,” said sponsor Congressmember Michael Grimm. “These hard-fought reforms will keep hardworking families in their homes, businesses open, and restore vitality to our fragile housing market.”
If passed in the Senate and signed by President Obama, the bill would “halt premium increases that were speeding toward families impacted by Superstorm Sandy like a runaway freight train,” said Congressmember Hakeem Jeffries, a co-sponsor.
The bill would repeal rate increases based on selling your home or letting the policy lapse, restore grandfathering in of homeowners who built properties according to past building codes, lower FEMA’s ability to increase rates from 20 percent to 15 percent, refund excess premium charges retroactively, and complete an affordability study and framework mandated in the Biggert-Waters Act.