The House is scheduled to vote up-or-down on an amended version of H.R. 3370, the Flood Insurance Affordability Act, during the first week of March. The original bill text has been stripped and replaced by substitute language that considerably strengthens the bill. The substitute bill will be considered under an expedited set of “suspended rules” procedures that limits debate and amendments, and requires a 2/3 majority to pass. This is a critical vote on a top NAR member priority. We cannot predict the fall-out if this vote fails.
The substitute bill to be considered differs significantly from the version that the Senate passed on Jan. 30:
- REPEALS (the Senate bill only delayed) the property-sales provision in the Biggert Waters law (sec. 205) that has triggered the most excessive and inaccurate premium increases over the past year.
- REFUNDS (the Senate bill would not refund) excessive premiums to those who have already seen an increase but were not warned by FEMA prior to purchasing the property. (This would apply to ALL purchases of property including purchases of a second home or commercial property).
- RESTORES (the Senate bill only delayed) the grandfathering of lower rates when new flood maps are issued by repealing Section 207 of the law before any increases can be implemented.