Mortgage

Flood insurance fight turns into never-ending story

Lawmakers and advocacy groups continue to nudge Congress about the importance of passing another five-year extension to the National Flood Insurance Program, or NFIP.

The program, which offers homeowners in flood-prone areas affordable flood insurance, is set to expire on May 31 unless Congress passes another temporary or permanent extension.

U.S. Senators David Vitter (R-La.) and John Tester (D.-Mont.) held a hearing on the topic for the economic policy subcommittee of the Senate Banking Committee last week. The two lawmakers asked for another five-year reauthorization of the flood insurance program.

Sen. Vitter authored and obtained passage of a bill in 2011 that moved the deadline for the sunset of the program to May 31. However, Vitter’s intention is to get a longer extension approved that will last through the latter part of this decade.

Vitter’s office says the flood insurance program has been operating under a series of 13 extensions since 2004, which is the last time it passed Congress with a full reauthorization.

[email protected]

Most Popular Articles

Latest Articles

Dave Mele exits as Homes.com president 

Dave Mele, president of Homes.com since 2014, has left CoStar Group to pursue “an opportunity outside of the real estate industry,” he confirmed to Real Estate News on Friday.  During his tenure, Mele guided Homes.com through its acquisition by CoStar in 2021 and its emergence as a significant player in the home search market. “We […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please