House Passes HB 3370-still requires Senate approval and Presidential signature
The Homeowner Flood Insurance Affordability Act, HB3370, passed the House in a bi-partisan vote of 306-91 last night with no amendments. To become law this bill must be re-considered by the Senate and signed by the President.
"It is noteworthy that by passing HB 3370, the House not only sought to prevent rate increases but offered a livable alternative that would provide relief to property owners while still providing a path for the NFIP to reach actuarial soundness," stated Patty Templeton Jones, COO Wright Flood.
It is anticipated that the Senate will concur and send this bill for rapid signature by the President.
Once the bill is signed, FEMA will begin their study and implementation phase and we will provide more information once full details of the bill are known.