On September 30, 2022, the President signed a continuing government funding resolution that extends the National Flood Insurance Program (NFIP) until December 16, 2022 among other measures.
The resolution provides continuing appropriations for federal agencies and extends several expiring programs and authorities. Its passage prevented a government shutdown that would otherwise occur.
“NFIP reauthorization is an opportunity for Congress to take bold steps to reduce the complexity of the program and strengthen the NFIP’s financial framework so that the program can continue helping individuals and communities take the critical step of securing flood insurance,” said the program’s administrator, the Federal Emergency Management Agency, in a statement.
NAR has prepared a Frequently Asked Questions (FAQ) sheet about what NFIP reauthorization means for real estate transactions. Please find the latest NFIP updates at https://www.nar.realtor/flood-insurance.