Congresswoman Waters Cheers Passage of Her Bill to Extend Flood Insurance Program
Before leaving Washington for the July 4th holiday, the Senate passed legislation (H.R. 5569) introduced by Congresswoman Maxine Waters (D-CA) to extend the National Flood Insurance Program (NFIP) until September 30th.
The House of Representatives had already passed H.R. 5569 last week so it can be enacted now, having been passed by both the House and Senate, once signed by the President.
NFIP is the primary source of reliable, affordable flood insurance coverage for millions of American homes and businesses.
Congress has passed several short-term extensions of NFIP this year, but it lapsed on June 1st. However, H.R. 5569 would be retroactive to May 31st.
"I am pleased that both the House and Senate have passed my legislation to extend the flood insurance program. This extension is important because no new flood insurance policies could be issued while the program expired, which left homeowners and prospective homebuyers in flood areas unable to buy insurance," said Congresswoman Waters.
Approximately 1200 homebuyers a day were unable to close on their homes during the lapse in the NFIP according to the National Association of Mutual Insurance Companies.
Congresswoman Waters, chairwoman of the Subcommittee on Housing and Community Opportunity, drafted a legislative reform package (H.R. 5114) that reauthorizes NFIP for 5 years. The Financial Services Committee passed her bill in April, and it currently awaits consideration by the full House.