The Homeowner Flood Insurance Affordability Act, H.R. 3370 passed overwhelmingly this week in the U.S. House of Representatives. If signed into law this bill would provide relief from the drastic premium increases that went into effect October 1, 2013 to the National Flood Insurance Program, triggered by the Biggert-Waters reforms to NFIP. H.R. 3370 removes FEMA’s authority to increase premium rates to unjustified levels at the time of a property’s sale, which will stabilize local real estate markets and ensure that both property owners and prospective buyers are treated equally. NAR data shows that through January 2014, four months into the implementation of Biggert-Waters, about 40,000 home sales were estimated to be either delayed or canceled because of increases and confusion over flood insurance rates. We hope the Senate will take action soon and pass this important bill.