House OKs another short-term flood insurance extension

WASHINGTON – May 15, 2019 – The House voted Tuesday to extend the National Flood Insurance Program (NFIP) through Sept. 30, 2019.

The Senate must also approve the measure before May 31 – the date NFIP is set to expire – to avoid lapses in government-backed flood insurance policies. After that, President Donald Trump must sign it.

“Thanks to Realtors®, the Senate is well aware of the deadline for flood insurance,” says Austin Perez, senior policy representative at the National Association of Realtors (NAR). “There seems to be broad bipartisan agreement not to let the program lapse on May 31.”

The House passed the four-month NFIP extension as a standalone bill but also proposed wrapping it into a larger disaster relief package for the Midwest and Puerto Rico, which have suffered from recent floods and hurricanes. Realtors on Capitol Hill this week will urge their Congressional representatives to avoid a lapse of the NFIP and work toward a long-term reauthorization that includes meaningful reforms to the financially beleaguered program, which is billions of dollars in debt.

Source:  © 2019 Florida Realtors®

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