Industry News

Builders urge Congress to extend flood insurance program

Fed not required to issue policies after June 30, 2004

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The nation's home builders today called on Congress to reauthorize the National Flood Insurance Program (NFIP) for five years and for the Federal Emergency Management Agency (FEMA) to address repetitive loss properties in order to ensure the long-term viability of the program. Testifying on behalf of the National Association of Home Builders before the Senate Banking Committee's Subcommittee on Economic Policy, Steve Feldmann, director of community affairs for the Fischer Group, one of the largest home builders in Kentucky, said, "The home-building industry depends on a strong national flood insurance program that is annually predictable, universally available and fiscally viable." By guaranteeing affordable flood insurance, the NFIP aims to help communities address their housing needs by making it safe, affordable and practical for consumers to purchase homes in flood-prone areas. Unfortunately, the solvency and stability of the program is threatened by a small percentage of prop...