WASHINGTON, DC – Today, Rep. Michael G. Grimm (R,C-NY), announced that House leadership has cleared the way for a vote on an amended version of his flood insurance reform legislation:
WASHINGTON, D.C. – February 14, 2014 – (RealEstateRama) — In announcing the House’s pending vote on the Congressman’s legislation, Majority Leader Eric Cantor (VA-7) praised the Congressman’s steadfast efforts to drive flood insurance negotiations over the past several months. “I applaud Congressman Grimm’s constant leadership in bringing all sides together on this important issue. His tireless work to find a solution for the National Flood Insurance Program is a testament to his dedication to his constituents” said Leader Cantor.
“I couldn’t be more proud to deliver on such an important national and local issue like fixing the skyrocketing premiums of the NFIP” Rep. Grimm stated. “Without this crucial legislation, many hardworking families in Staten Island, Brooklyn, and throughout the U.S. will be forced out of their homes, foreclosures will sharply rise, and closings will continue to be canceled, preventing the sale of many homes and ultimately devaluing the recovering, yet still fragile real estate market.
“This bill is a more comprehensive and fiscally sound approach than the Senate version and will ensure that no family is left out in the cold. Unlike the Senate version, this bill is retroactive through October 1, 2013.”
Rep. Grimm also praised his colleagues on both sides of the aisle for their continued support and cooperation on this crucial issue, “This could not have been accomplished without extensive input from Congressman Cassidy (LA-6) and Congressmen Lobiondo (NJ-2), their contributions and leadership were invaluable” Rep. Grimm said. “Additionally, I am very proud that while much of the Congress is at a stalemate, I was able to work across the aisle with many Democrat members, but specifically my friend and fellow New York member Congressman Gregory Meeks (NY-5) who refused to accept anything less than a retroactive bill, encompassing many of the Superstorm Sandy victims that would have been devastated yet again without this collaborative effort.
“Lastly, I must offer a special thank you to Majority Leader Cantor for his relentless work and commitment to this issue. Considering the strong bipartisan spirit and immense importance of this comprehensive reform, I fully expect that the amended version of H.R. 3370 will receive overwhelming support and swift passage in the House and Senate. My constituents in Staten Island and Brooklyn should rest easy that immediate flood insurance relief is well on its way.”
Rep. Grimm is a member of the House Financial Services Committee, the House Home Protection Caucus, and is the author of H.R. 3370, the Homeowner Flood Insurance Affordability Act