The Official Online Newspaper of NAHB
By a vote of 406 to 22, the House on July 12 overwhelmingly approved H.R. 1309, the Flood Insurance Reform Act of 2011, which would reauthorize the National Flood Insurance Program (NFIP) for five years through Sept. 30, 2016.
The program, which covers about 5.5 million policyholders in more than 20,000 communities nationwide, is set to expire on Sept. 30.
NAHB worked with House leadership throughout the legislative process to advance the bill and defeat any amendments to weaken the program.
A letter was sent to lawmakers prior to the House vote designating support for passage of the legislation as a “key vote” for the housing industry.
“NAHB believes the five-year reauthorization of NFIP will help ensure the nation’s real estate markets operate smoothly and without delay,” the letter said. “H.R. 1309 reflects these goals by offering programmatic improvements that establish solvency.”
NAHB led a coalition of 21 other organizations to oppose an amendment offered by Rep. Candice Miller (R-Mich.) that would have terminated the program effective Jan. 1, 2012.
The coalition warned that without affordable coverage, home owners and business owners would be unable to protect their largest investment, leaving taxpayers on the hook for reconstruction costs.
Miller’s amendment was soundly rejected by a 384 to 38 margin.
In addition to reauthorizing the NFIP until 2016, H.R. 1309 would limit the Special Flood Hazard Area (SHFA) and any mapping to the 100-year flood level, certify the scientific validity of maps, phase in risk-based premiums and suspend mandatory flood insurance purchase requirements.
To view the House legislation, click here and type the bill number in the box at the upper center of the page.
For more information, email Kedrin Simms Brachman at NAHB, or call her at 800-368-5242 x8413.