The National Flood Insurance Program would be extended through Sept. 30 under H.R. 2578. Key portions of the program are scheduled to expire after May 31, when the 2019 hurricane season begins. Without an extension, the Federal Emergency Management Agency (FEMA) won’t be able to issue new policies, and its borrowing authority will be reduced to $1 billion from $30.4 billion. “This extension prevents harm to homeowners and the housing market while also providing time to reach bipartisan consensus on much-needed reforms to the program,” Reps. Maxine Waters (D-Calif.) and Patrick McHenry (R-N.C.), the chairwoman and ranking member of the House Financial Services Committee, said in a news release. Flood Insurance Program Under the terms of the NFIP, property owners in participating communities can qualify for government-backed insurance. Approved communities must adopt building codes and other infrastructure standards to reduce the risk of flood damage. More than 22,000 communities across the country participate in the program, which provides $1.3 trillion in coverage to about 5 million policyholders, according to FEMA.
展开▼
