|By PR Newswire||
|February 25, 2014 05:08 PM EST||
WASHINGTON, Feb. 25, 2014 /PRNewswire-USNewswire/ -- The National League of Cities (NLC) called on Congress to support middle-class and low income property owners and policyholders by passing the Homeowner Flood Insurance Affordability Act (H.R. 3370, as amended). The support for the Flood Insurance Bill was sent via a letter to Speaker Boehner and Minority Leader Pelosi.
The National League of Cities (NLC) is dedicated to helping city leaders build better communities. NLC is a resource and advocate for 19,000 cities, towns and villages, representing more than 218 million Americans.
Text of the letter follows:
Dear Speaker Boehner and Minority Leader Pelosi,
On behalf of the nation's 19,000 cities and towns, the National League of Cities thanks you for your leadership and support of our cities and towns and your willingness to expedite of the Homeowner Flood Insurance Affordability Act (H.R. 3370, as amended). Ensuring the sustainability and affordability of the National Flood Insurance Program (NFIP) is an important issue for our many of nation's cities and towns, and we urge swift passage.
As you know well, the rate increases mandated by the Biggert-Waters Flood Insurance Reform Act of 2012 (PL 112-141) are negatively impacting communities in many ways, including real estate markets, banks and mortgage companies, residents on low and fixed incomes, middle-class and low income property owners, and policyholders, who built their homes according to the rules.
For those reasons, NLC is supporting the bill, which will help ensure that flood insurance rate increases do not adversely impact local communities, while promoting the solvency of the NFIP. Specifically, NLC supports reinstating the grandfathering of properties, repealing the rate increase trigger for properties sold after July 6, 2012, and treating the new property owner the same as the previous property owner. We also support the provision of the bill that requires FEMA to reimburse policy holders and communities for successful map appeals.
Again, we thank you for your continued support of our cities and look forward to working with you to make sure the NFIP is sustainable and affordable for the future.
SOURCE National League of Cities