WASHINGTON, D.C. – February 14, 2014 – (RealEstateRama) — U.S. Representatives Frank LoBiondo (NJ-02) and Bill Pascrell (NJ-09) today announced that the full House will vote in February on new flood insurance legislation to address the increases in many premiums mandated under the 2012 Biggert-Waters Flood Insurance Reform law. The new bill will meld provisions from the previously-introduced legislation by Reps. Michael Grimm (NY-11) and Maxine Waters (CA-43) – which LoBiondo and Pascrell were cosponsors – and proposals from Rep. Bill Cassidy (LA-06). The new legislation will also permanently remove the home sale rate increase trigger for homeowners looking to sell, thus providing certainty to the real estate market.
House Majority Leader Eric Cantor (VA-07) made the formal announcement this evening.
“To say reaching this point wasn’t a Herculean battle would be an understatement, but it was achieved by the united bipartisan effort on behalf of the millions of homeowners affected, including thousands living in South Jersey. While the new legislation may not be what we all wanted or what I introduced last year, this is the best compromise possible for a great majority of homeowners facing the real threat of excessive increases,” said U.S. Rep. Frank LoBiondo. “I deeply appreciate the partnership of Bill throughout this flood insurance fix and the Sandy aid funding fight. I am especially thankful of Majority Leader Cantor’s determination and commitment to finding a result to this national problem.”
“This deal will allow homeowners in flood-ravaged communities across northern New Jersey to avoid skyrocketing insurance costs that otherwise would have been simply unbearable,” said U.S. Rep. Bill Pascrell, Jr. “With the unintended consequences of the Biggert-Waters Act resolved, homeowners can focus on rebuilding their lives instead of worrying about losing their homes. I’m proud to be part of this bipartisan, commonsense fix and look forward to swift passage on the House floor.”
For several months, LoBiondo has been part of a task force supported by the House Republican Leadership charged with finding a common-sense solution. There have been several lengthy meetings, including the final session on Tuesday night in Majority Leader Cantor’s office, to hammer out a compromise that can be supported by a broad bipartisan group.
Details of the new legislation will be released late next week. The bill will be on the House suspension calendar the week of February 24th, thus unable to be amended on the floor and requiring 2/3 of those voting for passage.