Late last week, Congress authorized a one year extension to the National Flood Insurance Program (NFIP). Without the extension, the NFIP would have expired on September 30. President Obama is expected to sign the bill prior to the expiration date.
Before last week, the last extension was passed on June 30, 2010, one in a series of short-term measures taken by Congress during 2010. The new, one-year timeline provides stability for the program. More importantly, it buys Congress 12 months to discuss possible reforms to address the $18 billion debt amassed in the program. Debate is expected to begin in earnest after newly elected lawmakers have taken office.
For more information on the NFIP, please www.fema.gov