2 U. S. representatives delayed removal of “grandfathered” flood insurance rates for one year.   The grandfathered and other subsidized flood insurance rates are being phased out under the Biggert-Waters Act that extended the National Flood Insurance Program for 5 years.   The House amendment would delay the phase-out for properties “grandfathered” under older rates in areas remapped into a higher-priced flood zone before 9/30/2014.  The law’s other phase-outs – for older 2nd homes & business properties and for homes purchased after  July 2012 – will continue to take effect 10/1/2013.  Two senators + National Association of Realtors are working on a longer delay and to extend some coverage.  In July, the Senate Banking Committee has agreed to hold a hearing on the affordability of the Biggert-Waters rate  provisions.  The flood insurance is call the National Flood Insurance Program or NFIP.  Some congressmen want the flood programs to pay for themselves and not take money out of the U. S. Treasury.