The U.S. House of Representatives and Senate today passed a two-week extension of the National Flood Insurance Program, avoiding a lapse tomorrow at midnight. The President is expected to sign the measure.
The program is being extended as part of a temporary appropriations bill called a continuing resolution to avoid a partial shutdown of the federal government. The legislation will move the funding deadline for fiscal 2019 spending bills that are still outstanding to Dec. 21.
By extending flood insurance as part of the continuing resolution, NAR analysts say, the next extension could be part of a long-term funding agreement, potentially running through September of next year.
NAR supports long-term authorization of the federal insurance along with reforms to improve the program.