House Concurrent Resolution 5

A CONCURRENT RESOLUTION OPPOSING THE BIGGERT-WATERS FLOOD INSURANCE REFORM ACT OF 2012 AND REQUESTING THE CONGRESS OF THE UNITED STATES TO REPEAL PROVISIONS OF THE ACT THAT RESULT IN AN INCREASE OF FLOOD INSURANCE RATES AND REQUEST THAT DRAMATIC INCREASES IN FLOOD INSURANCE RATES DUE TO THE ACT BE CONSIDERED A REGULATORY OR CONSTRUCTIVE TAKING REQUIRING JUST COMPENSATION TO THE PROPERTY OWNER.

WHEREAS, the State of Mississippi is a coastal state which borders the Gulf of Mexico and has a significant population of residents that could be affected by storm surge and subtropical coastal rain events; and

WHEREAS, the Biggert-Waters Flood Insurance Reform Act of 2012, in its current form, requires that primary residences within the Special Hazard Flood Areas (SHFA) will lose their current rate status if the property is sold, the policy lapses or if a new policy is purchased; and

WHEREAS, the Biggert-Waters Flood Insurance Reform Act of 2012, in its current form, requires the phasing out of grandfathered rates beginning in 2014, so actuarial rates will be effective within five years thereafter; and

WHEREAS, without grandfathering, subsequent maps will affect greater and greater numbers of homes and businesses; and

WHEREAS, the Federal Emergency Management Agency (FEMA) is currently proposing a change to the floodplain maps that will not only expand the geographical boundary of the SHFA, but also will increase the base flood elevation (BFE) thereby reclassifying numerous currently compliant properties into a noncompliant condition; and

WHEREAS, a significant portion of existing homes within the State of Mississippi will be directly impacted by these changes in federal law; and

WHEREAS, a significant number of low and moderate income residents in the State of Mississippi will not be able to afford the higher rates and will therefore go uninsured; and

WHEREAS, these same residents will also not be able to sell their homes as persons of similar income likely to purchase these homes will also be priced out of the flood insurance market; and

WHEREAS, the Fifth Amendment to the United States Constitution requires just compensation for a taking of private property for public use by the government, and takings include actual takings as well as regulatory or constructive takings, such as what will occur in certain cases if the Biggert-Waters Act is implemented and flood insurance rates are dramatically increased; and

WHEREAS, the combined effects of the Biggert-Waters Act will be to devastate property values and economic development efforts throughout the nation's coastal areas:

NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF MISSISSIPPI, THE SENATE CONCURRING THEREIN, That we do hereby oppose the Biggert-Waters Flood Insurance Reform Act of 2012 and request the Congress of the United States to repeal provisions of the act that result in an increase of flood insurance rates, and request that dramatic increases in flood insurance rates due to the act be considered a regulatory or constructive taking requiring just compensation to the property owner.

BE IT FURTHER RESOLVED, That a copy of this resolution shall be transmitted to the President of the United States Senate and to the Speaker of the United States House of Representatives; to each member of the delegation of the State of Mississippi in the Congress of the United States; and to the presiding officers of each house of the legislative bodies of the several states of the Union.