NJAA Supports Senate Resolution on National Flood Insurance Program (NFIP) Funding

The NJAA supported a Senate Resolution calling on the US Congress and the President "to take all appropriate legislative and regulatory action necessary to increase subsidies for premiums paid for flood insurance through the National Flood Insurance Program, especially for property owners who have suffered frequent losses." SR-102 passed the Community & Urban Affairs Committee in a 5-0 vote on March 4 and now moves to the full Senate for additional action. The non-binding resolution is sponsored by Senator Jeff Van Drew (D-Cape May); Senator Ron Rice (D-Essex), Senator Chris Connors (R-Ocean) and Senator Kevin O'Toole (R-Essex). Especially in the aftermath and long-term recovery period following Hurricane Sandy, the NJAA supports efforts to focus much-need attention on the National Flood Insurance Program and the impact of increasing flood insurance costs on the continued affordability of existing rental communities located in coastal counties.  Click here for a copy of SR-102.

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