|Federal Information & News Dispatch, Inc.|
Waters Leads Letter Urging FEMA to Act to
Keep Flood Insurance Rates Affordable
In the letter, the Members of
The full text of the letter is below.
Dear Administrator Fugate:
We are writing today to express deep concern about impending rate increases and affordability issues under the National Flood Insurance Program (NFIP). Last year,
A small percentage of homeowners are learning that they may be subjected to flood insurance rates that are ten, a hundred, and in some cases, more than a thousand times higher than their current subsidized rates. These rates, which are upwards of
While actuarial rates are critical to the program's success, we strongly believe that we should not burden homeowners with punitive or unaffordable rates that will slow our housing market recovery and force families out of their homes.
Recently, the House passed an amendment to delay implementation of Section 207 of the Act. The Cassidy-Palazzo-Grimm-Garcia-Richmond-Waters-Matsui Amendment to the
We request a response to this letter, with a summary of the administrative actions you will be undertaking and a summary of any legislative recommendations, no later than
Thank you for your consideration, and we look forward to your response.
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