To amend the National Flood Insurance Act of 1968 to provide for the phase-in of actuarial rates for certain pre-FIRM properties.
Other Bill Titles (1 more)1/23/2008--Passed House amended. Amends the National Flood Insurance Act of 1968 (Act) to provide for phased-in actuarial premium rates for recently purchased pre-FIRM single family properties used as a principal residence and purchased for at least $600,000. (A pre-FIRM structure is one t... moreSee Full Bill Text
Amendments
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Bill Status
| Introduced | ![]() | Voted on by House | ![]() | Voted on by Senate | ![]() | Considered By President | ![]() | Bill Becomes Law |
| October 24, 2007 | January 23, 2008 |
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In the News
January 24, 2008 House Passes Flood Insurance Reform Bill
The House of Representatives passed HR 3959, sponsored by Financial Services Committee Chairman, Barney Frank (D-Mass.), and Rep. Scott Garrett (RN. ...
Blog Coverage
January 28, 2008 Weekly Reader Picks: Monday, January 28, 2008
Jan 24, 2008 -- The House of Representatives passed HR 3959, sponsored by Financial Services Committee Chairman, Barney Frank (D-Mass.), and Rep. Scott Garrett (RN.J.), legislation that would gradually phase-out some of the subsidies in ...
Source: Insurance life
January 26, 2008 PCI Supports House on Garrett-Frank Flood Bill
23) House passage of HR 3959, which would require buyers of residential homes costing $600000 or more to pay phased-in, actuarial flood insurance prices, is a positive step toward shoring up the National Flood Insurance Program (NFIP) ...
Source: DAILYINSURER
January 26, 2008 House Passes Flood Insurance Reform Legislation
This is a hit-or-miss The House of Representatives passed HR 3959, sponsored by Financial Services Committee Chairman, Barney Frank (D-Mass.), and Rep. Scott Garrett (RN.J.), legislation that would gradually phase-out s. ...
Source: Living with bad credit











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Comments
this bill would phase out federal subsidies for newer homes that cost more than $600,000...._________________________________________________________still: " Any premium
increase implemented as a result of the bill would yield additional receipts to the National
Flood Insurance Program (NFIP); however, CBO estimates that such funds would be spent
to cover the ongoing costs of the program, resulting in no significant net effect on direct
spending. Enacting this legislation would not affect revenues."________________________________________>>>>>>>>>
that comes from the CBO estimate pdf
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