Update on FEMA's flood "tax"

this is the latest update from LBReport.com:

UPDATE: June 25, 2012, 2:15 p.m., Senate Majority Leader Harry Reid began making a series of motions re amendments and procedures related to the flood insurance bill. Sen. Jon Tester (D., MT) then spoke urging swift approval of the bill. The federal flood insurance bill which includes a section that could require homeowners and commercial property owners (whose properties carry federally backed loans) to purchase flood insurance if they're now protected by levees and dams. A vote on another bill is scheduled for 2:30 p.m. Tomorrow, the Senate may take up the flood insurance bill again. If the "residual flood risk" verbiage isn't removed from the Senate version of the bill (as it was last year in the House version), it could require tens of thousands of homeowners and commercial property owners in shaded areas on maps below to buy federally-run "flood insurance" each year. On passage, the Senate bill will go to a House-Senate conference committee (a handful of House and Senate members). If the Committee doesn't remove the "residual risk" language [Congress has a fiscal incentive to leave it in the final bill], the resulting legislation could require LB and southeast LA County homeowners with federally backed loans in the shaded areas below to pay federal flood insurance premiums each year [precise amount unspecified in bill and left to FEMA, we speculate several hundred dollars annually]. See coverage on LBReport.com for up to the minute details....

Update from LAAG on June 25:

We checked the text of Councilman Van Nostran's 2012 'State of the City" address given on January 5, 2012 and guess what. Not one mention of this "tax" or FEMA or flooding or anything else giving Lakewood homeowners a heads up about this and other really important things that will affect your family budget drastically. So either Lakewood is asleep at the helm or they decided to hide it from you. This bill has been in the works since December 2011 (when S. 1940 was introduced in the US Senate)

Lakewood city council should have alerted residents to this months ago and urged residents to write to the elected officials in Washington to seek a legislative "fix" to this problem before it hit this current crisis mode. Now there is very little time for a realistic legislative solution and the issue will likely we left to the bureaucrats at FEMA to decide our fate. Not very comforting as the FEMA folks are NOT ELECTED.

LAAG's Prior FEMA flood tax Post here

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