LoBiondo, Pascrell Announce House Vote Scheduled to Give Relief on Flood Insurance Premiums, Certainty to Real Estate Markets

WASHINGTON, D.C. – February 14, 2014 – (RealEstateRama) — U.S. Representatives Frank LoBiondo (NJ-02) and Bill Pascrell (NJ-09) today announced that the full House will vote in February on new flood insurance legislation to address the increases in many premiums mandated under the 2012 Biggert-Waters Flood Insurance Reform law. The new bill will meld provisions from the previously-introduced legislation by Reps. Michael Grimm (NY-11) and Maxine Waters (CA-43) – which LoBiondo and Pascrell were cosponsors – and proposals from Rep. Bill Cassidy (LA-06). The new legislation will also permanently remove the home sale rate increase trigger for homeowners looking to sell, thus providing certainty to the real estate market