On October 4, Congress extended National Flood Insurance Program (NFIP) authority as part of a broader government funding measure, the Continuing Appropriations Act (H.R. 2608). This latest extension will run through November 18, 2011.
The House and Senate are currently working on legislation that would extend the program for five years and make needed reforms to the program. The House passed its version of the legislation in July and the Senate Committee on Banking has passed a version. But the bill must still be considered by the full Senate.
HAR, in conjunction with the National Association of REALTORS®, is urging Congress to use the additional time to complete work on the five-year NFIP re-authorization bill (H.R. 1309) to provide certainty and avoid further disruption to real estate markets. Without the NFIP, there would no longer be access to affordable insurance to protect against flooding, the most pervasive and extensive natural disaster in the U.S.
Please take action now to Reauthorize the National Flood Insurance Program