Brooklyn, N.Y. – November 20, 2013 – (RealEstateRama) — Congresswoman Yvette D. Clarke announced today that she has become a co-sponsor of the Homeowner Flood Insurance Affordability Act, which will protect homeowners from substantial increases in the cost of flood insurance as a result of Hurricane Sandy.
The bill – supported by bipartisan coalitions in the House of Representatives and the Senate – would delay premium increases in National Flood Insurance Program for four years, until the Federal Emergency Management Agency have the ability to complete an affordability study.
“The families of Gerritsen Beach and Sheepshead Bay and other neighborhoods damaged in Hurricane Sandy have dedicated themselves to the work of rebuilding their homes and business-es, often at a considerable cost,” said Congresswoman Clarke. “This bill will support their efforts, by stabilizing the cost of flood insurance and, therefore, protecting property values.”
A recent study by the Rand Corporation estimated that annual flood insurance premium increases for property owners in the highest-risk areas could amount to between $5,000 and $10,000, a cost that could reduce their property values.
U.S. Representative Yvette D. Clarke is a member of the House Committee on Small Business, Ethics, and Homeland Security, where she is the Ranking Member of the Subcommittee on Cybersecurity, Infrastructure Protection, and Security Technologies. She represents many neighborhoods in central and southern Brooklyn, NY which include Brownsville, Crown Heights, East Flatbush, Flatbush, Gerritsen Beach, Madison, Midwood, parts of Park Slope and Flatlands, Prospect Heights, Prospect-Lefferts Gardens, Sheepshead Bay, and Windsor Terrace.