National Flood Insurance Program Extended through 2011

NAR is pleased to report that Congress has unanimously approved a one-year extension, until Sept. 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®, and with the Sept. 30, 2010 deadline fast approaching NAR redoubled its efforts to extend the program.

REALTOR® advocacy efforts helped make the long-term extension a reality. When Congress returned to Washington, D.C. in mid-September NAR was waiting with our Federal Political Coordinators who came to DC to meet with key senators and urge the long-term extension. Additionally, on Sept. 22, 2010 NAR was ably represented by Maryland REALTOR® Nick D’Ambrosia. He stressed to the Senate Committee on Banking NAR’s commitment to extend and strengthening the program beyond 2011 for the long-term. While the one-year extension brings a level of certainty to the NFIP, there needs to be comprehensive reform measures to place the NFIP on more sound financial footing for at least another 5 years.

Flood Insurance Extension Timeline

Sept. 21, 2010
S. 3814:  Approved by Unanimous Consent in the Senate

Sept. 23, 2010
S. 3814: Approved by Voice Vote in House of Representatives

The bill now heads to the President for his signature as soon as the week of Sept. 27, 2010. 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.

Source: NAR (Sept 2010)