Senate Approves Four-Month NFIP Extension
July 31, 2018
The U.S. Senate has voted to extend HR 6379, the National Flood Insurance Program (NFIP) for an additional four months, providing continued coverage for nearly five million homeowners and business owners, by a vote of by an 86-12.
The House overwhelming passed the bill last week, and the legislation now goes to the president for his signature just hours before the program is set to expire. The House vote came one day before its members were scheduled to leave on its August recess.
John G. Stevens, President of NAMB, said, “NAMB would like to congratulate our elected leaders for their accurate assessment and correct vote on HR 6379 as it provides necessary protections for so many people and structures that may stand in the way of dangerous floodplains. Our entire organization extends its deepest gratitude to our leadership in Washington, D.C. for their a yes vote prior to the NFIP’s deadline and we look forward to working with them on a long-term solution.”
"I want to commend Congress for passing this short-term extension of the NFIP,” said David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA). “This will protect residential and commercial real estate markets from potential harm, and provide stability for those that sell and administer the policies to millions of Americans. MBA now calls on Congress to negotiate a long-term reauthorization of the NFIP which provides certainty and protections for consumers, expands the private flood insurance market, and exempts commercial/multifamily properties from NFIP mandatory purchase requirements.”
The NFIP owes more than $20 billion to the U.S. Treasury, and that’s after a 2017 Congressional bailout of $16 billion to ensure the program could continue paying claims from people hard hit by Hurricane Harvey.
“We applaud lawmakers for taking this needed action to prevent disruptions to closings in thousands of communities across the country,” said National Association of Realtors (NAR) President Elizabeth Mendenhall. “Although the National Flood Insurance Program will be extended through November 30 when signed into law, the NFIP is in desperate need of reforms that will make it solvent and sustainable in the long term. The National Association of Realtors will continue fighting for these reforms as the next NFIP reauthorization discussions loom later this year.”
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