Senate Passes Bill to Stop NFIP Reform Rate Increases

The Senate overwhelmingly passed legislation on Jan. 30 to delay implementation of several provisions of legislation passed in 2012 to reform the National Flood Insurance Program (NFIP). Of particular interest to apartment firms are efforts to prevent premium shock when properties change hands. The Homeowners Flood Insurance Affordability Act represents a bipartisan effort to delay price increases for four years until the Federal Emergency Management Agency conducts the required affordability study and certifies the accuracy of flood maps.  

Specifically, under NFIP, affected properties can see their premiums skyrocket with the sale of a property or the remapping of the area. The White House recently went on the record opposing the delay, along with leadership in the House, due to hesitation in impacting the ability to restore fiscal health to NFIP. However, some reform of the program is expected to be addressed early this year. NAA/NMHC sent a letter in support of the delay and will continue to work to advance a solution.  

Provided by NMHC as part of the NAA/NMHC Joint Legislative Program

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