Congress passes short-term flood insurance extension

by Lauren Brocato

In a last-ditch effort to maintain some sort of flood insurance for homeowners, Senate passed another short-term extension of the National Flood Insurance Program (NFIP) on the day that the current program was set to expire, according to HousingWire. Senate nearly entered a lapse in the NFIP, which could have been quite disruptive, but still did not give Americans what they wanted.

The House of Representatives passed the extension Wednesday and sent it to Senate for a vote. The legislation will extend the NFIP until November 30, 2018 once it is signed into law by the president.

Last month, top housing trade groups penned a letter to Congress urging them to conduct a major reform on the NFIP instead of merely passing another short-term extension, as the current program is not adequate enough to protect the millions of residents at risk. But, despite the efforts of groups such a the National Association of Realtors, National Flood Association and more, a reform has been out off once again.

Although the actions of Congress are not what the housing industry had hoped, they are still pleased that a lapse in the program was avoided.

“The National Association of Realtors will continue fighting for these reforms as the next NFIP reauthorization discussions loom later this year,” NAR President Elizabeth Mendenhall said.