On July 15th, 2010 the United States House of Representatives passed H.R. 5114, the Flood Insurance Reform Priorities Act of 2010, among the key elements of the bill is the extension of the National Flood Insurance Program (NFIP) to September 30, 2015. The actions of the House are an important step toward enacting meaningful reform for the Flood Insurance Program and ending the uncertainty of stop-gap measures that have been keeping the program in place. NAR has been actively seeking NFIP reform since 2008.
The bill now will move to the United States Senate where the prospects of passage are not clear.
Unless a longer term reauthorization is enacted, Congress will again have to consider another short-term extension before September 30 2010, when NFIP authority is next set to expire. Since September 2008, the House and Senate have not been able to agree on the NFIP debt reforms and thus has resorted to approving a series of short-term extensions. There have been eight such extensions so far and, twice, the NFIP authority has been allowed to expire. NAR will continue to provide regular updates on the status of this legislation and the short-term extensions in the interim.
To read the text of H.R. 5114, the Flood Insurance Reform Priorities Act of 2010 visit: The Library of Congress
Source: The National Association of Realtors
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