Marker Released for Flood Insurance Reauthorization in 2017
Rep. Blaine Luetkemeyer (R-Mo.), chairman of the House Financial Services Subcommittee on Housing and Insurance, on Dec. 6 released a set of principles regarding reauthorization of the National Flood Insurance Program (NFIP), which expires on Sept. 30, 2017.
The chairman’s draft is a broad marker that seeks to place the NFIP on more solid fiscal footing, provide stronger public/private partnerships, deliver a more open insurance rate-setting process and update and reform mitigation and mapping standards.
NAHB commends Luetkemeyer for requesting greater transparency by requiring the Federal Emergency Management Agency (FEMA) to hold public meetings and explain its premium rate structures.
NAHB also supports Luetkemeyer’s call for a longer reauthorization timeframe to reduce uncertainty in the market.
The principles document provides few specifics on actual policies. However, NAHB expects the committee to move quickly in the new year with draft legislation.
Reauthorizing the NFIP will be a priority for NAHB in 2017. The association looks forward to working Chairman Luetkemeyer and members of his committee to draft a reauthorization that takes into account the concerns of the housing community, particularly as it relates to the mapping program and the current NFIP mandatory purchase requirements for residential properties with federally backed mortgages.
Rep. Emmanuel Cleaver (D-Mo.) also serves on the House Financial Services subcommittee on Housing and INsurance and helped shape the legislation.