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To urge the House of Representatives of the United | 1 |
States to pass S. 1926 of the 113th Congress, | 2 |
generally referred to as the Homeowner Flood | 3 |
Insurance Affordability Act of 2014, which delays | 4 |
implementation of certain provisions of the | 5 |
Biggert-Waters Flood Insurance Reform Act of 2012. | 6 |
WHEREAS, The Biggert-Waters Flood Insurance Reform Act of | 7 |
2012 phases out the flood insurance premium subsidy offered to | 8 |
certain homeowners participating in the National Flood Insurance | 9 |
Program and abolished completely the subsidy for all new | 10 |
homeowners participating in the program; and | 11 |
WHEREAS, The implementation of unsubsidized premium amounts | 12 |
jeopardizes the sale and value of properties currently receiving | 13 |
the subsidy; | 14 |
WHEREAS, Passage of S. 1926 of the 113th Congress, commonly | 15 |
known as the Homeowner Flood Insurance Affordability Act of 2014, | 16 |
would delay implementation of premium rate increases until the | 17 |
Federal Emergency Management Agency is able to complete an | 18 |
affordability study mandated by the Biggert-Waters Flood Insurance | 19 |
Reform Act of 2012, propose an affordability framework, and allow | 20 |
Congress to authorize such a framework; and | 21 |
WHEREAS, The affordability study is to compare various | 22 |
premium and structure models for the National Flood Insurance | 23 |
Program, the current subsidized premium model as opposed to a | 24 |
full-risk premium model with premium vouchers for low-income | 25 |
individuals, on a cost-benefit basis; and | 26 |
WHEREAS, the United States Senate passed S. 1926 with a | 27 |
strong bipartisan vote of 67-32; now therefore be it | 28 |
RESOLVED, That we, the members of the 130th General Assembly | 29 |
of the State of Ohio, urge the United States House of | 30 |
Representatives to pass S. 1926; and be it further | 31 |
RESOLVED, That the Ohio Senate urges the United States | 32 |
Congress to ensure an affordable scale of risk be implemented for | 33 |
flood plain property owners; and be it further | 34 |
RESOLVED, That the Clerk of the Senate transmit duly | 35 |
authenticated copies of this resolution to the Speaker and Clerk | 36 |
of the United States House of Representatives, the members of the | 37 |
House of Representatives Ohio Congressional delegation, and the | 38 |
news media of Ohio. | 39 |