The Official Online Weekly Newspaper of NAHB
In a victory for NAHB, before adjourning for its July 4 recess Congress approved stand-alone legislation extending the National Flood Insurance Program (NFIP) through Sept. 30. President Obama signed the measure into law on July 2.
The program was suspended at the end of May, forcing many home buyers to delay or cancel closings because they were unable 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.
The reauthorization of the NFIP is retroactive to June 1, the date the program was halted.
With the arrival of the hurricane season, NAHB has been urging lawmakers to reauthorize a long-term extension of the program.
For more information, e-mail Scott Meyer at NAHB, or call him at 800-368-5242 x8144.