National Flood Insurance Program Extended

Flood Insurance

 In a victory for NAHB, Congress approved stand-alone legislation that will extend the National Flood Insurance Program (NFIP) through Sept. 30 before adjourning for the July 4 congressional recess. President Obama is expected to sign the measure into law shortly.

 The program has been suspended from issuing new policies since May 31, forcing many home buyers to delay or cancel closings due to the inability to obtain NFIP insurance for a mortgage. In other instances, builders were forced to stop or delay construction on a new home due to the lack of flood insurance approval, resulting in unnecessary delays and job losses. The reauthorization of the NFIP is retroactive to June 1, the date the program was halted.

 With the arrival of the hurricane season, NAHB has been urging lawmakers to reauthorize a long-term extension of the program to ensure the nation’s real estate markets operate smoothly and without delay.

Tagged Under : announcements, Flood insurance, Press Release