What the bill does
Title I: Homeowner Flood Insurance Affordability Act – Homeowner Flood Insurance Affordability Act of 2014 – (Sec. 103) Prohibits the Administrator of the Federal Emergency Management Agency (FEMA) from implementing during a specified six-month period a requirement of the National Flood Insurance Act of 1968 (NFIA) that would: (1) increase flood insurance risk premium rates to reflect the current risk of flood for property located in specified areas subject to a certain mandatory premium adjustment, or (2) a prohibition against extending subsidies for property not insured by the flood insurance program as of July 6, 2012 (the date of enactment of the Biggert-Waters Flood Insurance Reform Act of 2012), or any policy that has lapsed because the property was no longer being required to retain coverage (Pre-Flood Insurance Rate Map or pre-FIRM properties). (A pre-FIRM property contains a structure neither constructed nor substantially improved after the later of December 31, 1974, or the effective date of the initial flood insurance rate map published by the FEMA Administrator under NFIA for the pertinent area.) Declares that such prohibitions shall expire six months after the later of: (1) the date on which the Administrator proposes a certain draft flood insurance affordability framework; or (2) the date on which the Administrator certifies to Congress that FEMA has implemented a flood mapping approach that, when applied, results in technically credible flood hazard data in all areas where Flood Insurance Rate Maps are prepared or updated. Amends NFIA to prohibit the…
Subjects: Administrative remedies, Congressional oversight, Consumer affairs, Criminal justice information and records, Disaster relief and insurance, Floods and storm protection, Government corporations and government-sponsored enterprises, Government studies and investigations, Insurance industry and regulation, Licensing and registrations
