House Passes Four-Month Flood Insurance Program Extension

Yesterday, the House passed legislation that would extend the National Flood Insurance Program's funding through Nov. 30. The vote passed by 366-52. Now the Senate must vote on the measure to ensure authorization for the NFIP does not expire as scheduled on July 31.

If there is a lapse, many loan closings in high-risk areas will be delayed or otherwise complicated, resulting in additional costs and borrower frustrations. The short-term extension will provide additional time for Congress to work on long-overdue reforms to the NFIP.