Congress has approved a one-week extension of the National Flood Insurance Program, which was set to expire Friday, preventing a lapse in federally provided insurance critical to homeowners who live in or near flood zones. The House on Thursday night approved the extension in a 350-46 vote. The Senate also passed a seven-day extension by unanimous consent. The legislation is expected to be signed Friday by President Donald Trump, who has signed previous extensions of the program.
Lenders can’t close on federally backed mortgages in designated flood risk areas without the NFIP. The National Association of REALTORS® has been asking Congress for its long-term reauthorization. “NAR is relieved that authorization of the National Flood Insurance Program has not lapsed,” says Shannon McGahn, NAR’s senior vice president of government affairs. “We urge the House and Senate to swiftly and purposefully work towards a more sustainable extension over the coming week.”
NAR is working closely with lawmakers to prevent the program from expiring while a longer-term extension is enacted and reforms are considered. NAR supports changes to improve the accuracy of flood maps, allow more private insurance options, and make mitigation resources available to homeowners to help keep premium increases affordable, among other reforms.
Source: realtor.org
