|Presiden Obama signs a bill
into law in the Oval Office
courtesy: White House Flickr
National Association of Realtors® (NAR) has provided a section-by-section analysis of the "Homeowner Flood Insurance Affordability Act".
On Thursday, March 13, 2014, the United States Senate voted 72-22 to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370). The Senate acted quickly to pass the bill as amended by the House to avoid the need for a conference committee to reconcile any differences. President Obama is expected to sign the bill into law when it arrives at the White House.
The new bill further reins in and holds the Federal Emergency Management Agency (FEMA) accountable for the Biggert-Waters implementation issues.
The United States House of Representatives passed the Homeowners Flood Insurance Affordability Act on March 4, 2014. Changes were made to the bill text so the next step is to send the legislation back to the Senate for approval and finally to the President's desk for enactment. As of today, March 13, the timing for a vote on the measure in the Senate remains uncertain.
The National Association of REALTORS® (NAR) is urging the Senate to vote on HR 3370 quickly.