U.S. Rep. Gregory W. Meeks Statement on the Homeowner Flood Insurance Affordability Act

October 29, 2013

WASHINGTON, D.C.--Congressman Gregory W. Meeks, (NY-05) Senior Member of the House Financial Services Committee released the following statement:

“Exactly one year ago, the residents of New York’s Fifth Congressional District were devastated by Superstorm Sandy, the worst floods we have seen on the East coast in decades with water surging up to twelve feet along the Jamaica Bay. Having seen firsthand the devastation that the storm brought to thousands of my constituents, many of whom still not able to return to their homes and overwhelmed by a myriad of restoration expenses, I was deeply troubled by the projected steep increases in the flood insurance premiums. That is why I, along with 82 other members of congress sought and successfully worked on a bipartisan solution to fix the National Flood Insurance Program (NFIP), to ensure that the program remains widely accessible and affordable, and to prevent the further victimization of our stricken communities.”

“The Homeowner Flood Insurance Affordability Act of 2013 imposes a delay of about four years for primary, non-repetitive loss residences that are currently grandfathered; for all properties sold after July 6, 2012; and for all properties that purchased a new policy after July 6, 2012. In addition, as mandated by Biggert-Waters, the bill directs FEMA to complete an affordability study, expected to take 2 years to complete, and delays implementation of rate increases for another two years after the study. The bill also allows FEMA to utilize National Flood Insurance Funds to reimburse policyholders who successfully appeal a map determination, eliminates the 50 percent cap on state and local contributions to levee construction and reconstruction, and protects the so-called “basement exception,” which allows the lowest proofed opening in a home to be used for determining flood insurance rates.”

“I would like to thank my democratic and republican colleagues for their bipartisan support and collaboration on this important legislation. The painful devastation we experienced during Sandy brought us together to get this done, but it was the resilience and commitment to rebuild from the people of Rockaway that served as inspiration to make it happen. I will continue to work with my colleagues across the aisle to ensure that this new bill is signed into law by the President, and is successfully implemented so that my constituents can have a little piece of mind that their flood insurance will remain affordable.”[End]