From Florida Home Builders Association
In an important victory for the National Association of Home Builders and its members who rely on the National Flood Insurance Program, Congress has reached an agreement to reauthorize the program through September 30, 2017.
In the past few years, the NFIP has experienced several short-term lapses in authorization, forcing many home buyers to delay or cancel closings due to the inability to obtain NFIP insurance for a mortgage.
In other instances, builders were forced to stop or delay construction on a new home due to the lack of flood insurance approval, resulting in unnecessary delays and job losses.
"NAHB has been working tirelessly to make sure that this vital program, which was set to expire on July 31, was reauthorized for five years to ensure that the federally-backed flood insurance program operates smoothly and without delay, remains efficient and effective in protecting property owners, and creates more stability in the housing market," said NAHB Chairman Barry Rutenberg, a home builder from Gainesville.
Congressional negotiators agreed to roll the flood insurance legislation into a larger legislative package that also includes the transportation reauthorization and student loan bill. The legislation was subsequently approved by the Senate and House and is expected to be signed into law shortly by President Obama.