Homeowner Flood Insurance Affordability Act of 2014
Latest action. Became public lawWhat a bill becomes when enacted, numbered by Congress and order of enactment: Public Law 119-4 is the 4th law of the 119th Congress.Read the full definition (opens a new tab) No: 113-89.
Homeowner Flood Insurance Affordability Act of 2014 - (Sec. 3) Amends the National Flood Insurance Act of 1968 (NFIA) to repeal the prohibition against any extension by the Administrator of the Federal Emergency Management Agency (FEMA) of flood insurance premium subsidies to prospective insureds for property: (1) not insured as of the date of enactment of the Biggert-Waters Flood Insurance Reform Act of 2012, or (2) purchased after such date.
Directs FEMA to: (1) make available rate tables that implement this repeal, (2) consult with "Write Your Own" companies when developing guidance and rate tables to implement this Act, (3) refund to insureds directly flood any insurance premiums under the National Flood Insurance Program (NFIP) that exceeded the rates required under this Act, and (4) permit the purchaser of any property covered under an existing flood insurance policy upon its purchase date to assume that policy at the chargeable premium rates for the remainder of its term.
(Sec. 4) Removes catastrophic loss years from the calculation of "average historical loss year" obligations incurred by the National Flood Insurance Fund for which chargeable premium rates must be adequate. (Thus restores "grandfathered rates.")
(Sec. 5) Limits to 18% the annual increase for the chargeable risk premium rate for flood insurance. Excludes specified properties from such limitation, including property that: (1) is located in a community downgraded under a certain statutory community rating system program, (2) was misrated, or (3) is covered by a policy where the policyholder has either decreased the amount of the deductible or increased the amount of coverage.
Requires an increase in the chargeable flood insurance risk premium rates for specified properties by an amount that results in an average during any 12-month period of not less than 5% of the average of the risk premium rates for such properties.
Reduces from 20% to 15% of the average of the risk premium rates for properties within the risk classification, upon the commencement of any 12-month period, the limitation on the permissible increase in the chargeable risk premium rates for flood insurance for any properties within any single risk classification.
The summary continues for 34 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Public Law" stage on March 21, 2014. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
This bill has been enacted. It is law.
The record's latest action, on March 21, 2014: Became Public Law No: 113-89.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Michael Grimm (R-NY) introduced it on October 29, 2013, and 238 members have since signed on as cosponsors.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HousePassed
- SenatePassed
- PresidentSigned into law