Congress has approved a seven-day extension for the National Flood Insurance Program (NFIP)—the eighth short-term extension this year. Congress will need to pass another extension by December 7 in order to continue funding the federal program and to avoid a government shutdown.
“NAR is relieved that authorization of the National Flood Insurance Program has not lapsed, as Congress moved last night to extend the program through December 7, and we urge the House and Senate to swiftly and purposefully work towards a more sustainable extension over the coming week,” said Shannon McGahn, senior vice president of Government Affairs at the National Association of REALTORS®, in a statement.
On the eve of the November 28 expiration date, the U.S. Senate passed a measure for a six-month reauthorization of the NFIP, which will extend funding until May 31, 2019. It is currently undetermined if the House will follow suit (at press time).
“For the past week, I’ve been working hard to convince my colleagues in the Senate that a lapse in the NFIP would be a disservice to families across this country, not just in the coastal states,” said Sen. John Kennedy (R-La.) in a statement. “I’m glad my colleagues came around.”
Kennedy sponsored the six-month extension bill, and is working to persuade the House toward a longer-term resolution.
Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.
