Senate Votes to Extend National Flood Insurance Program
On May 24, 2012, the U.S. Senate approved a 60-day extension of the National Flood Insurance Program under an agreement between Senators Reid and Vitter. This extension will avoid a lapse in the program which was set to expire today. A lapse would have affected thousands of real estate closings across the country. Because the Senate amended H.R. 5470 to include 60 rather than 30 days, the House will again have to pass the extension bill, which is expected to happen in the coming days.
Under the terms of this agreement, in early June, the Senate will also bring up and vote on the 5-year Flood Insurance Reform Act. Several hurdles remain before a bill can become law, but these are positive steps toward the long-term solution NAR has been advocating most recently during its mid-year Congressional Meetings and Rally. NAR will continue to work to ensure that the program does not lapse and that a longer term solution becomes reality.