Gets Two Amendments to Flood Insurance Reform Act of 2011 Passed with Bipartisan Support
WASHINGTON, DC – May 13, 2011 – (RealEstateRama) — Rep. Carolyn McCarthy (D-NY04), who has been working steadily to bring relief to homeowners affected by the Federal Emergency Management Agency’s flood insurance program, just won bipartisan passage in committee of two amendments that, if made into law, would save homeowners significant amounts of money and bring better community notification in advance of future changes.
“We need to use every tool available to bring relief to homeowners who are being burdened by FEMA’s flood insurance program,” Rep. McCarthy said. “I’m proud to have gotten bipartisan support on my two amendments to HR1309, the Flood Insurance Reform Act of 2011. If these changes become law, we will be saving homeowners substantial amounts of money and give them more notice ahead of changes that could significantly affect their lives.”
Currently, some homeowners who live in FEMA-designated flood zones – including many residents of Long Island – are paying for mandatory flood insurance at reduced rates in a relief program that’s set to expire in 2013. These special rates are hundreds, and sometimes thousands, of dollars lower per year than full market rates.
If one of the amendments Rep. McCarthy passed today becomes law, these homeowners will continue to pay reduced rates for another five years, with the savings phasing out over that period of time.
The second amendment Rep. McCarthy passed with bipartisan support today is directs FEMA to notify Members of Congress when there are changes or updates to a flood plain area or flood risk zone. As she noted during a session of the Financial Services Committee when offering her amendment, such notification is essential in making sure that communities directly affected by these measures, and their federal representatives, know about them ahead of time.
