House Approves Flood Insurance Extension

The House of Representatives approved legislation by Reps. Waters (D-CA) and Frank (D-MA) to extend authority under the National Flood Insurance Program until March 31, 2010. Without this authority, the program could not issue policies effectively preventing property buyers from legally obtaining mortgage loans in federal designated floodplains. The extension is needed to give Congress more time to consider long-term reforms to the program. Next the Senate must approve the legislation before the program’s current expiration date, which is September 30th.

NAR’s letter of support is available here http://www.realtor.org/wps/wcm/connect/a88d63804f03bd5daf71ef0250570db4/government_affairs_nfip_extension_072709.pdf?MOD=AJPERES&CACHEID