With expiration looming, Congress has extended the National Flood Insurance Program to June 14, avoiding a lapse in new policies and services, and interrupted real estate transactions.
The action is amid continued deliberations on long-term reauthorization, which has been advocated for broadly by the National Association of REALTORS®. NAR applauded the extension measure, with President John Smaby stating it is “pleased that Congress acted before the National Flood Insurance Program’s insurance writing authority could expire [on May 31].”
The National Flood Insurance Program is a key issue for NAR, and was on the docket at the May REALTORS® Legislative Meetings & Trade Expo. According to NAR, flood insurance is integral in thousands of transactions, and for many, a mortgage requirement. Among proposed provisions of reform, NAR has advocated for greater privatization and improved mapping.
In addition to the stopgap, another bill, which would appropriate $19.1 billion in disaster relief and extend the National Flood Insurance Program to September 30, is expected to pass this week (at press time).
“We urge both the House and Senate to secure responsible reauthorization before June 14,” Smaby said.
Stay tuned for updates.
Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at email@example.com.