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.