Washington Report

Advocacy Updates from Washington D.C.

Flood Insurance Extended One Week; Longer Extension, Reforms Still Needed

The U.S. House of Representatives passed 350-46 a one-week extension of the National Flood Insurance Program, preventing lapse of the critically important insurance. Lenders can't close on federally backed mortgages in designated flood risk areas without it. The program was set to end today. The Senate also passed a seven-day extension under unanimous consent agreement.

“NAR is relieved that authorization of the National Flood Insurance Program has not lapsed,” Shannon McGahn, NAR senior vice president of government affairs, said. “We urge the House and Senate to swiftly and purposefully work towards a more sustainable extension over the coming week.”

NAR is working closely with lawmakers to prevent the program from lapsing while a longer-term extension is enacted and reforms are considered. NAR supports changes to improve the accuracy of flood maps, allow more private insurance options, and make mitigation resources available to home owners to help keep premium increases affordable, among other reforms.

Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.

Advertisement