Boehner: House Won’t Repeal Flood Insurance Hikes
WASHINGTON (AP) — Speaker John Boehner says the GOP-controlled House won’t take up legislation aimed at neutering a 2012 overhaul of the federal flood insurance program that is hitting homeowners who have long paid below-market rates with big premium hikes.
The Ohio Republican said “we’re not going to do that” when the topic was broached in a hallway exchange with The Associated Press in the Capitol complex.
The bipartisan 2012 overhaul of the much-criticized flood insurance program is requiring owners of vacation homes, frequently-flooded properties, and businesses to lose their subsidized rates over time. Other homeowners can keep their subsidies but can’t pass them on when selling their houses, which has caused a disruption in home sales.
The Senate will shortly take up legislation to delay major elements of the 2012 law.
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