Coalition for Sustainable Flood Insurance Urges Senate to Pass Flood Insurance Measure


Washington, D.C. – Today, Greater New Orleans, Inc. President and CEO, on behalf of the
Coalition for Sustainable Flood Insurance, urged the Senate to swiftly pass S. 1846, the
Homeowner Flood Insurance Affordability Act. This legislation delays for four years certain
premium increases put forth in the Biggert-Waters Act until FEMA can complete its affordability
study and Congress can consider the recommendations of the study.

“The Homeowner Flood Insurance Affordability Act is common sense legislation; Congress and
FEMA should understand the ramifications of the Biggert-Waters Act before implementing it,”
said Michael Hecht, President and CEO of Greater New Orleans, Inc. “If this legislation is not
implemented, homeowners and business owners across America will see dramatic, unaffordable
flood insurance premium increases. We urge the Senate to pass this legislation by a strong
margin, and urge the House to take the matter up as soon as possible.”

Since May 2013, GNO, Inc. has organized a growing national coalition of business and elected
leaders to address harmful changes to the NFIP, which now represents over 200 business and
trade associations and local governments in 32 states. As founders of the Coalition for
Sustainable Flood Insurance (CSFI), the organization works to address drastic – and unintended
– increases to NFIP rates for home and business owners. A confluence of the Biggert-Waters
Act of 2012 (meant to stabilize NFIP), incomplete FEMA maps and questionable actuarial
calculations has led to premium increases of up to 3,000% and more – for policy-owners who
have never flooded and who have built as the government told them.

###

About the Coalition for Sustainable Flood Insurance
The Coalition for Sustainable Flood Insurance (CSFI) is a national coalition that works to address
drastic – and unintended – increases to NFIP rates for home and business owners. CSFI supports
a financial stable National Flood Insurance Program that balances premium affordability with
financial solvency.

More information can be found at www.csfi.info.

About Greater New Orleans, Inc.
GNO, Inc. is the regional economic development organization for Southeast Louisiana. The
GNO, Inc. Mission is to create jobs and wealth in the Greater New Orleans community. The
GNO, Inc. Vision is for the Greater New Orleans region to fulfill its potential as one of the best
places in the country to grow a company, and raise a family.

More information can be found at www.gnoinc.org.