Reps. Ed Royce, R-Calif., and Earl Blumenauer, D-Ore., introduced a bipartisan package of legislation Tuesday to reform and extend the National Flood Insurance Program.
The package of eight bills would keep the program running through Nov. 30. It also would include “common sense reforms” to improve flood mapping loss mitigation efforts that have previously passed in the House, according to a press release announcing the bill.
The bill "takes bold action that will steer NFIP towards a sustainable path by modernizing flood risk assessments and reducing the burden of repetitive loss properties,” Royce said in the press release.
Congress has until July 31 to renew the program or risk a lapse in coverage, which would create a new round of headaches for lenders and real estate agents. The National Association of Realtors estimates that should the program lapse, there would be about 40,000 fewer home sales per month.
Read more in American Banker.