“House Republicans’ plan to reauthorize the National Flood Insurance Program (NFIP) could lead to unaffordable premiums and a foreclosure crisis, according to real estate agents and bankers.
The concerns are aimed at H.R. 2874, the 21st Century Flood Reform Act, introduced by Rep. Sean Duffy (R-Wis.), chairman of the House Financial Services Housing and Insurance Subcommittee. The bill would strip federal flood insurance eligibility from certain properties that flood repeatedly, some expensive properties, and new properties built in designated flood zones. The measure was approved by the full committee 30-26 on June 15, with all Democrats and one Republican opposed.