Most homes insured under the National Flood Insurance Program (NFIP) — the government program that provides affordable flood insurance to property owners and coordinates adoption and enforcement of floodplain management regulations — are in Florida and Texas. So you can see why the fact that the NFIP was scheduled to expire at the end of September was a bit of a problem, given recent weather patterns.

Today, President Donald Trump signed into a law a three-month extension of the NFIP that passed the House and the Senate. The new expiration date is December 8, 2017.

Extending the NFIP was a legislative priority this year for the National Association of Realtors (NAR). The program is $25 billion in debt but has been around since 1968 to help reduce the impact of floods on structures, private and public alike.

The extension was part of the agreement between Trump and Senate Democrats to provide a $15.3-billion aid package in the wake of Hurricane Harvey, in addition to raising the debt ceiling and preventing a government shutdown. Yesterday, the Senate passed the package, and the House voted and passed it earlier today.

“Extending the National Flood Insurance Program was a must-do item, and Congress delivered,” said National Association of Realtors President Bill Brown in a statement. “That’s good news for consumers, as well as an opportunity for proponents of meaningful reform. With a short extension on their side, leaders in the House and Senate should continue work on the 21st Century Flood Reform Act to strengthen the NFIP and ensure the long-term certainty that current and future homeowners demand.”

Email Amber Taufen

Like me on Facebook! | Follow me on Twitter!

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription