Housing
More on Housing
by Jim Abrams
Congress has not updated the program since 1994. In the ensuing years the once-solvent program had to pay out some $17 billion in Katrina-related claims and had to deal with FEMA flood zone remapping that has thrust thousands of homes and businesses into areas where they are required to buy flood insurance.
Rep. Maxine Waters, D-Calif., the chief sponsor of the bill, said it helps reduce the sticker shock of FEMA remapping by delaying the mandatory buying of insurance for five years and then phasing in full premiums over another five years.
by Arthur D. Postal
President Obama on Friday morning signed into law an extension of the National Flood Insurance Program until Sept. 30.
The bill is H.R. 5569, the "National Insurance Program Extension Act of 2010."
The bill is retroactive to June 1, when the authorization for the program lapsed for the fourth time in several years.
The bill also reduces the borrowing authority of the Federal Emergency Management Agency, which runs the program, by $50 billion to $20.725 billion.