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WASHINGTON (AP) — House GOP leaders are putting the final touches on legislation that would significantly water down a recently enacted overhaul of the much criticized federal flood insurance program, easing many premium increases and allowing below market rates to be passed on to people buying homes with taxpayer-subsidized policies.
The new law was aimed at weaning hundreds of thousands of homeowners off of subsidized rates, but its implementation has stirred anxiety among many homeowners along the Atlantic coast and in flood plains, many of whom are threatened with unaffordable rate increases.
GOP aides say the measure would also repeal a provision that threatens hundreds of thousands of homeowners with huge premium increases under new and updated government flood maps. The aides requested anonymity because the measure is still being finalized and hasn't been publicly released.