House Approves Five-Year Flood Insurance Reauthorization

Filed in Capitol Hill by on November 14, 2017 0 Comments

The House today approved legislation that would reauthorize the National Flood Insurance Program (NFIP) for five years and includes many NAHB-supported modifications to the program.

In a letter of support sent to House members prior to the floor vote, NAHB said that H.R. 2874, the 21st Century Flood Reform Act, “reflects the principals of affordability, accessibility, predictability, and financial stability that NAHB believes must be part of the NFIP’s reauthorization.”

Currently, anyone who owns or is purchasing a property within the 100-year floodplain, and has a federally-backed mortgage, is required to carry flood insurance. Failure to reauthorize the NFIP before it expires on Dec. 8 will cause the delay or cancellation of home sales across the country.

To prevent disruptions to the housing market, NAHB asserts it is essential to have a timely reauthorization to ensure the Federal Emergency Management Agency has the necessary authority to make claim payments, provide mitigation assistance and fully implement the NFIP in a predictable and reliable manner.

The Senate has yet to move any piece of legislation related to the NFIP through committee. The House vote will put pressure on the Senate to act, and NAHB will continue to urge Congress to pass a long-term NFIP reauthorization before the Dec. 8 deadline.

 

For more information, contact Jessica Hall at 800-368-5242 x8253.

 

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