President Trump Signs Extension Of National Flood Insurance Program
Real Estate In-Depth | September 11, 2017
WASHINGTON—With the State of Texas reeling from the extensive damage of Hurricane Harvey and the State of Florida and other southern states assessing the havoc caused by Hurricane Irma, Congress recently passed legislation that will provide some assistance to the millions of people impacted by these devastating storms.
On Thursday, September 7, the U.S. Senate voted to pass a three-month extension of the National Flood Insurance Program (NFIP). The House of Representatives passed the legislation on Friday, Sept. 8, and the President signed the bill into law later that day.
This legislation ensures that the NFIP will not lapse on Sept. 30, 2017, and will be extended until December 8, 2017.
“Extending the National Flood Insurance Program was a must-do item, and Congress delivered. That’s good news for consumers, as well as an opportunity for proponents of meaningful reform,” said NAR President William E. Brown. “With a short extension on their side, leaders in the House and Senate should continue work on the 21st Century Flood Reform Act to strengthen the NFIP and ensure the long-term certainty that current and future homeowners demand.”
The NAR Call for Action on the NFIP extension concluded Friday, Sept. 8th at 5 p.m. eastern time. NAR will continue its legislative advocacy efforts for the 21st Century Flood Reform Act until this long-term reauthorization and reform bill is enacted, the associated reported in a statement.
President Trump signed the extension into law as part of a legislative package that earmarks $15.25 billion in assistance for storm-damaged areas of the nation.