WASHINGTON, D.C. – February 26, 2014 – (RealEstateRama) — Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Wilmington, Del., issued the following statement on flood insurance legislation pending in the House:
“NAHB commends House lawmakers for constructing a bipartisan flood insurance bill that will help home buyers and home owners and the construction and remodeling of homes across the nation. The Homeowner Flood Insurance Affordability Act will resolve some of the unintended and costly consequences of the Biggert-Waters Flood Insurance Reform Act by helping current and future policyholders to keep their premiums affordable. By providing measurable premium increases, the legislation will prevent home values from dropping, and it will make the National Flood Insurance Program more effective.
“Further, the bill will return the ‘substantial improvement threshold’ that triggers a higher flood insurance rate to the historic 50 percent level of a structure’s fair market value. This is critical to the health of the remodeling industry.
“The Homeowner Flood Insurance Affordability Act will prevent undue hardship in the recovering housing market. We urge the House to act promptly on this bill.”