Less than a month before the program was set to expire, the House of Representatives voted Tuesday and passed (237-189) the 21st Century Flood Reform Act, which will reform and reauthorize the National Flood Insurance Program.
The 21st Century Flood Reform Act, H.R. 2874, would reauthorize the NFIP for five years, introduce private market competition, and provide programmatic reforms to help policyholders, according to the House Financial Services Committee.
The program was extremely in debt, and according to a report from the Congressional Budget Office, it had an expected one-year shortfall of $1.4 billion.
This new bill, which is sponsored by Rep. Sean Duffy, R-Wis., is expected to reduce direct spending by $187 million, according to the CBO.
Read more in Housing Wire.