So, I'm hearing that as part of a budget bill passed in the last of couple weeks, congress agreed to delay Biggert Waters flood insurance rate hikes for 9 months while they look at the affordability issued.
It was supposedly part of a ~1500 page 1.1B omnibus spending bill that passed recently.
OK, my google skills are failing me because I can't locate a text copy of the bill, nor can I figure out if such a bill was actually fully passed and signed by the Pres., or if it just passed the house so far.
I'm not trying to start a P&R blow up, I just want to find and read the section of the Bill that relates to Biggert Waters. As a surveyor in Florida, I get asked about this just about every day and I'm trying to stay up to date. If anyone has the skills to find a DOC or PDF of the bill that passed (and evidence that it was actually signed into law), I'd very much appreciate the help locating the link.
Thanks!
Does this help or further confuse?
http://www.dailycomet.com/article/20140124/articles/140129765?p=1&tc=pg#gsc.tab=0
Okay, I think I got it figured out, although it's not very obvious from reading the new law. I found this section in the new "budget bill", which apparently was signed by the Pres. on 1/17/2014.
SEC. 572. None of the funds made available in this Act may
be used to implement, carry out, administer, or enforce section
1308(h) of the National Flood Insurance Act of 1968 (42 U.S.C.
4015(h)).
So, then I had to find what that refers to... Section 4015(h) was part of Biggert Waters 2012, and says:
(h) Premium adjustment to reflect current risk of flood
Notwithstanding subsection (f), upon the effective date of any revised or updated flood insurance rate map under this chapter, the Flood Disaster Protection Act of 1973, or the Biggert-Waters Flood Insurance Reform Act of 2012, any property located in an area that is participating in the national flood insurance program shall have the risk premium rate charged for flood insurance on such property adjusted to accurately reflect the current risk of flood to such property, subject to any other provision of this chapter. Any increase in the risk premium rate charged for flood insurance on any property that is covered by a flood insurance policy on the effective date of such an update that is a result of such updating shall be phased in over a 5-year period, at the rate of 20 percent for each year following such effective date. In the case of any area that was not previously designated as an area having special flood hazards and that, pursuant to any issuance, revision, updating, or other change in a flood insurance map, becomes designated as such an area, the chargeable risk premium rate for flood insurance under this chapter that is purchased on or after July 6, 2012, with respect to any property that is located within such area shall be phased in over a 5-year period, at the rate of 20 percent for each year following the effective date of such issuance, revision, updating, or change.
As I read this, it only delays implementation of the parts of Biggert Waters that ends the "Grandfather Clause", right? It does not delay the rate hikes for Pre-FIRM houses, second homes and businesses, which as I'm seeing it, are the ones that are getting pounded with the largest rate increases. Also, the way the new law that delays Biggert-Waters is written, it expires when this budget deal runs out.
Holy Cow,
That's actually a different Senate Bill that is supposed to delay Biggert Waters for 4 years, but the House leader has already said he would not allow a vote on that bill if it does pass the Senate.