On Jan. 30, 2014, the Senate overwhelmingly passed legislation to delay implementation of several provisions of the Biggert Waters National Flood Insurance Reform (NFIP) Reform Act of 2012. Specifically, the Homeowners Flood Insurance Affordability Act represents a bi-partisan effort to delay price increases for four years until the Federal Emergency Management Agency conducts the required affordability study and certifies the accuracy of flood maps. Under NFIP, affected properties can see their premiums skyrocket with the sale of a property or the remapping of the area.
The White House recently went on the record opposing the delay, along with leadership in the House, due to hesitation in taking any action that will impact the ability to restore fiscal health to NFIP. However, it is expected that some reform of the program will be addressed early this year. NMHC/NAA sent a letter in support of the delay and will continue to work to advance a reasonable solution.