WASHINGTON, D.C. – February 4, 2014 – (RealEstateRama) — Congressman Jim Langevin (D-RI) submitted the following statement for the record in response to Republican refusal to call up the Homeowner Flood Insurance Affordability Act for a vote
My Rhode Island communities have been battered. They have been battered by the financial crisis and a slowly recovering economy, and they have been battered by Mother Nature, from the floods of 2010 to Superstorm Sandy in 2012. Now, as we finally emerge from the worst economy since the Great Depression, our citizens who managed to hold on to their homes through economic hardship and uncertainty are facing yet another challenge – sharp rate increases to their flood insurance policies.
We need to pass the Homeowner Flood Insurance Affordability Act today, and send it on to the President for his signature. Our communities cannot wait any longer for relief from steep rate increases. Rhode Island families have told me they are facing flood insurance rates upwards of $35,000, and they are scared of losing their homes. This is simply unconscionable.
This legislation passed the Senate last Thursday with a strong bipartisan vote of 67-32; 182 bipartisan Members in the House are cosponsors of the House companion legislation. There is no reason for the Republican House Leadership to deny us a vote on this critical relief.
Implementing a delay in rate increases will give FEMA the time it needs to complete an affordability study and develop recommendations to assist homeowners who cannot afford their premiums. Without it, thousands of our middle-class homeowners will continue to suffer from the uncertainty of not knowing whether the cost of flood insurance will make homeownership unaffordable.
I urge my colleagues to support consideration of the Homeowner Flood Insurance Affordability Act, and provide immediate relief for our families and communities.
Tel: 401-732-9400 x218
Email: pressri02 (at) mail.house (dot) gov