WASHINGTON, March 13, 2014 /PRNewswire-USNewswire/ -- After the Senate passage of the Homeowner Flood Insurance Affordability Act of 2014 (H.R. 3370), National League of Cities (NLC) Executive Director Clarence Anthony issued the following statement:
"We applaud the Senate for passing the Homeowner Flood Insurance Affordability Act this evening and protecting millions of homeowners and businesses who faced soaring premium increases to their flood insurance. The bill's caps to annual premium increases and reinstatement of grandfathering provisions benefit the entire real estate market while addressing the solvency of the National Flood Insurance Program.
"With the president's signature, communities across America will be spared the adverse impacts resulting from costly mandates in the Biggert-Waters Act of 2012. With so much at stake, we urge the president to sign the bill as soon as possible to ensure that cities and their residents will continue to thrive."
The National League of Cities (NLC) is dedicated to helping city leaders build better communities. NLC is a resource and advocate for 19,000 cities, towns and villages, representing more than 218 million Americans.
SOURCE National League of Cities