Congress passed and sent to President Obama a 60-day extension of the National Flood Insurance Program (NFIP) yesterday, which was set to expire today. The legislation gives lawmakers breathing room to look at a long-term extension and reform of the program, which NAR strongly supports. Read More.
Later today the United States Senate is expected to pass a 60-day extension of the NFIP. This extension will avoid a lapse in the program when the current authorization expires on May 31, 2012. A lapse would have affected thousands of real estate closings across the nation. While this extension is a positive development and will ensure program continuity it is not the long-term solution that NAR has been advocating.
NAR has been firmly committed to working with Congress on passing a 5-year National Flood Insurance Program reauthorization and reform bill. That bill, H.R.1309 the Flood Insurance Reform Act of 2011, has passed the House of Representatives and awaiting action in the United States Senate. Despite media reports that are indicating “progress” in the Senate on passing the reauthorization and reform bill, there a number of legislative hurdles that remain. Read More.
The Senate voted on legislation last week for another short-term extension to the National Flood Insurance Program through May 31, 2012. This could signal the end of congressional efforts for the year to work out House and Senate differences over a 5-year NFIP reform bill, marking the fourth time in as many months that Congress has kicked the can down the road. And making it more difficult for the housing market to get back on its feet.
The latest flood program extension expires Friday, Dec. 16, so the House and Senate have to come to terms on at least a short-term extension this week or it’ll lapse. Read More.