[Congressional Record Volume 160, Number 40 (Tuesday, March 11, 2014)]
[Extensions of Remarks]
[Page E347]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          HOMEOWNER FLOOD INSURANCE AFFORDABILITY ACT OF 2014

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                               speech of

                         HON. MICHAEL G. GRIMM

                              of new york

                    in the house of representatives

                        Tuesday, March 11, 2014

  Mr. GRIMM. Mr. Speaker, I would like to stress the time sensitive 
need for FEMA to quickly act on the provision reauthorizing home buyers 
to assume the existing premium rate of sellers. Section 3(b) expressly 
states: ``Such rates shall continue with respect to the property until 
the implementation of subsection (a).'' Our explicit intent in 
including this provision is to allow a home buyer to assume the policy 
and rate of the current home owner upon enactment of this act. We 
expect FEMA to issue appropriate direction to the Write-Your-Own 
companies in short order to allow this process to move ahead smoothly. 
The purpose of this provision is to shield home buyers from excessive 
rates by letting them assume current rates during the period while FEMA 
is finalizing the guidance and rate tables to implement the other 
provisions of this act.

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