The rate increases were mandated as a means of gaining enough political support to give the program some certainty after 5 years of fruitless political debate.

In comments to New Orleans' Times-Picayune, Rep. Maxine Waters, D-Calif., a primary sponsor of the 2012 bill, voiced concern about the impact the rate hikes will have on flood-prone communities. She is also the ranking minority member of the House Financial Services Committee.

The bill phases out rate subsidies on second homes and properties considered flood-prone over four years.

It also allows the Federal Emergency Management Agency to raise rates on all properties up to 20 percent a year, up from 10 percent a year.

“As one of the primary authors of the Biggert-Waters Flood Insurance Reform Act and a longtime advocate for the people of southern Louisiana, I can state that it was never the intent of Congress to impose the types of punitive and unaffordable flood insurance premiums that residents of southern Louisiana are currently facing,” Water said.

“I am committed to working with my colleagues in Congress and with FEMA to solve this problem.”

Officials in New York and New Jersey and members of Congress from Mississippi are also voicing concern about the issue.

But, the immediate issue is that an amendment sought by both Louisiana senators aimed at delaying rate hikes will be unable to secure enough votes to get floor consideration because it has budget implications—requiring tax hikes to compensate for the loss of government revenue that would occur if the amendment passes.

According to several industry officials, the emerging compromise would require FEMA to quickly conclude its study on affordability issues in the NFIP, as well as to undertake a study of community-based flood coverage which could allow better coverage as well as locally determined policies to help those with true affordability issues.

The amendment is being crafted by Sens. Tim Johnson, D-S.D., and Mike Crapo, R, Idaho, chairman and ranking minority member of the Senate Banking Committee. It would not delay or roll back rate increases, the sources said.

The issue arose because of a demand by Louisiana's senators, Mary, Landrieu and David Vitter that an amendment to a water resources bill now being considered by the Senate be allowed a floor vote.

That amendment would indefinitely delay hikes to flood insurance premiums mandated by last year's legislation.

A vote to limit debate on the water resource measure has now been scheduled for noon May 14 by Sen. Harry Reid, D-Nev., Senate majority leader.

Reid filed for cloture Thursday in an effort to resolve the impasse between Landrieu/Vitter and Sen. Barbara Boxer, D-Calif., floor manager of the water resources bill.

The bill is the Water Resources Development Act, S. 601.

Boxer is manager of the bill as chairman of the Senate Environment and Public Works Committee.

The bill, approved unanimously by the panel, would authorize funding to refurbish the nation's locks and dams, provide harbor and river maintenance, assist with flood protection, and restore key environmental areas.