Flood Insurance Extension Passed

Congress has unanimously approved a one-year extension (until September 30, 2011) for the National Flood Insurance Program (NFIP). A long-term extension has been a top legislative priority for NAR.  Earlier in 2010 the NFIP lapsed, causing major disruptions for REALTORS®. With program authority now extended for a year, it is expected that attention will now turn to proposals to reform and ensure the financial soundness of the NFIP. While the House passed its reform bill (H.R. 5114) earlier this year, it is unlikely that a comprehensive reform bill will move until the 112th Congress goes into session next year.

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