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.