Wednesday, the House of Representatives passed legislation to authorize the National Flood Insurance Program for another four months.
The legislation will extend the program until November 30, 2018. Currently, the NFIP is set to expire on July 31, 2018.
Now, the housing industry is urging the Senate to move quickly in order to pass the bill before it expires at the end of this month.
“Flooding is the most common and costly natural disaster in the United States,” said Elizabeth Mendenhall, National Association of Realtors president. “Without an extension of authority, the National Flood Insurance Program cannot write or renew flood insurance in 22,000 communities nationwide.”
This bill is the latest in a series of short-term fixes as the NFIP continues to be pushed back by a series of short-term bills funding the program for just a few months at a time.
Back in November, the House of Representatives passed long-term reauthorization of the program, but this bill never made it through Congress. Back in June, Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif., began renewing the call to pass a long-term solution for the problem.
Read more in HousingWire.