Congress Extends Flood Insurance until May 31, 2012
On December 17, 2011, Congress extended the National Flood Insurance Program (NFIP) authority though the end of 2012. The latest extension was part of H.R. 2055, the so-called megabus conference report combining the remaining nine appropriations bills to fund the federal government for the 2012 fiscal year. NAR is urging Congress to use the additional time to complete work on a 5-year NFIP re-authorization bill to provide certainty and avoid further disruption to real estate markets.