Temporary Extension Granted for National Flood Insurance Program

first_img Demand Propels Home Prices Upward 2 days ago May 30, 2019 2,721 Views Temporary Extension Granted for National Flood Insurance Program  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Congress flood Natural Disasters nfip Home / Daily Dose / Temporary Extension Granted for National Flood Insurance Program The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Congress flood Natural Disasters nfip 2019-05-30 Mike Albanese Share Save The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Loss Mitigation, News About Author: Mike Albanese Post updated at 8:31 a.m. on Friday, May 31The National Flood Insurance Program (NFIP) received a last-minute extension Thursday evening, preventing the program from lapsing.The Advocate reports Congress is expected to pass yet another extension–the 12th in two years–on Monday when it returns from its recess. The anticipated extension set for Monday would extend the program to September as Congress discusses a long-term solution.The NFIP covers 5 million policyholders in flood-prone areas.The program was set to expire at 11:59 p.m. on Friday, May 31, and two prior attempts to extend the program failed. The Senate had approved two bills to extend the program: the first is part of the disaster relief legislative package that would extend the NFIP through Sept. 30, and the second would provide a two-week extension.Two prior attempts to gain unanimous consent were block by representatives Chip Roy (R-Texas), Thomas MaThe National Association of Home Builders states that Congress requires all properties with the 100-year floodplain purchase with a federally-backed mortgage to carry flood insurance. A short-term shutdown means insurers and insurance agents cannot sell or renew flood insurance policies back by the program because of lack of government funding. The results could mean new or renewing federal flood insurance policies not be written during the lapse.The U.S. House of Representatives passed H.R. 2578 earlier in April, which would have extended the NFIP’s authorization to September 30.“The NFIP plays an important role in disaster preparedness and resiliency by providing flood maps, setting standards for floodplain management, and investing in mitigation for our homes, businesses, and infrastructure. According to the Federal Emergency Management Agency, everyone is at risk of flooding,” said Maxine Waters, Congresswoman Maxine Waters (D-CA) and Chairwoman of the House Financial Services Committee. “That means that this is not just a coastal issue—we all have an interest in ensuring a strong National Flood Insurance Program. Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: U.S. Bank Sues Bank of America Over RMBS Issues Next: Measuring Pending Home Sales and Affordability Subscribe Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days agolast_img

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