Hinchey Reintroduces Flood Insurance Fairness Act to Help Local Home and Business Owners with New Costs Faced Due to FEMA Flood Map Modernization

Washington, DC – April 12, 2011 – (RealEstateRama) — Congressman Maurice Hinchey (D-NY) last week introduced the Flood Insurance Fairness Act of 2011 (FIFA) to assist property owners with new costs they face due to the Federal Emergency Management Agency’s (FEMA) flood map modernization program. With thousands of families throughout New York facing a new requirement to purchase flood insurance as they are remapped into flood zones under FEMA’s plan, the FIFA legislation would give property owners the option to delay the flood insurance purchase requirement for up to five years and require FEMA to cover certain costs associated with the flood hazard map appeals process. Similar legislation was introduced by Hinchey in the previous Congress.