With a midnight deadline looming, the U.S. Senate and House of Representatives passed an extension of the National Flood Insurance Program (NFIP) today, which would extend the program to Dec. 21.
President Donald Trump is expected to sign the extension, according to the National Association of REALTORS® (NAR). The program is being extended as part of a temporary appropriations bill to avoid a partial shutdown of the federal government. The “continuing resolution” changed the funding deadline for outstanding fiscal 2019 spending bills to Dec. 21.
By extending flood insurance, NAR analysts say, the next extension could be part of a long-term funding agreement, potentially running through September of 2019.
The NAR supports long-term authorization of the federal insurance with reforms to improve the program.
On Nov. 29, Congress granted a one-week extension to the NFIP.