Congresswoman Waters Reintroduces Flood Insurance Reform Legislation
Congresswoman Maxine Waters (D-Calif.) today reintroduced her legislation to improve the National Flood Insurance Program (NFIP). Last year, the Congresswoman's NFIP legislation was passed by the House of Representatives with overwhelming bipartisan support, but was not taken up by the Senate. NFIP is the primary source of reliable, affordable flood insurance coverage for more than five million American homes and businesses.
H.R. 1026 would restore stability to the flood insurance program by reauthorizing the program for 5 years. It would also address the impact of new flood maps by delaying the mandatory purchase requirement for 5 years, and then phasing in actuarial rates for another 5 years and makes other improvements to the program.
"The ability for homeowners to access affordable and secure flood insurance is urgent, as many areas of the country brace for heavy flooding after a devastating winter of record snow and rain," said Congresswoman Waters. "As we saw in the last Congress, reforming and strengthening NFIP is a bipartisan issue. While I believe that Housing Subcommittee Chairwoman Judy Biggert's bill is similar in essence to my legislation, I am particularly concerned about the shorter time period of the delay of the mandatory purchase requirement. Therefore, I look forward to working with Chairwoman Biggert to come up with a solution that will work for both sides of the aisle, but more importantly, American homeowners."
H.R. 1026 is cosponsored by six of the Congresswoman's colleagues: Reps. Barney Frank (D-MA); Luis Gutierrez (D-IL); Al Green (D-TX); Jerry Costello (D-IL); Doris Matsui (D-CA); and Dennis Cardoza (D-CA).