The National Flood Insurance Program is scheduled to expire on July 31
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Twenty-two trade groups have called on the Congress and the Senate to extend the National Flood Insurance Program (NFIP), which is scheduled to expire on July 31.
Organizations including the American Bankers Association, the Mortgage Bankers Association, the National Association of Home Builders, and the National Association of Realtors in a letter to lawmakers called for immediate action to avoid a lapse in the program.
The letter was addressed to Rep. Paul Ryan (R-Wis.), Rep. Nancy Pelosi (D-Calif.), Sens. Mitch McConnell (R-Ky.), and Sen. Chuck Schumer (D-N.Y.)
The call by the trade associations follows an earlier statement by Rep. Maxine Waters (D-Calif.) pushing for a long-term reauthorization of the program, instead of periodic short-term extensions.
“The NFIP must be periodically reauthorized,” the trade groups wrote. “However, Congress has yet to pass a long-term extension of the NFIP, as debate continues regarding options for reforming the program. This has already resulted in a series of six stop-gap extensions and two brief lapses in 2017 and 2018. Americans deserve certainty and stability in the flood insurance marketplace to be able to protect their homes and loved ones.”
The associations warned that a lapse in the program during the height of hurricane season will leave millions at risk. Additionally, they said that failure to extend the program may slow down recovery efforts in Texas, Louisiana, Florida, Puerto Rico, and other states impacted by 2017 hurricanes.
The trade groups said they continue to work with Congress to enact a long-term reauthorization. They also expressed support for efforts to reform and modernize the program and increase the number of properties insured against flood.
