House Passes National Flood Insurance Program Extension

Posted by Orb Staff on August 03, 2009 No Comments
Categories : Residential Mortgage

S. House of Representatives has [link=http://www.house.gov/apps/list/press/financialsvcs_dem/pressfld_072909.shtml]approved[/link] legislation that would extend the National Flood Insurance Program (NFIP) through March 31, 2010. Financial Services Housing Subcommittee Chair Maxine Waters, D-Calif., and House Financial Services Chair Barney Frank, D-Mass., introduced H.R.3139 in early July in light of the fact that the current program is set to expire at the end of September. The bill now moves to the Senate for consideration. In addition to extending the program, H.R.3139 includes a provision authored by Rep. Doris Matsui, D-Calif., that would make technical changes to the NFIP to take local, state and federal funding into account when determining flood zone designations. Currently, only communities with federally funded levee improvements, not state- or locally funded improvements, are eligible for an A99 designation. The federal government's shrinking participation has caused states and communities to invest millions of dollars into flood infrastructure, according to Matsui. The legislation would require the Federal Emergency Management Agency to take this investment into account and recognize local commitment to obtaining adequate flood protection. SOURCE: [link=http://www.house.govl]House Financial Services Committee

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