The U.S. Senate approved a bill to fund the federal government through early December, with the National Association of REALTORS® celebrating two elements that could have a positive impact on the real estate industry.

The Senate voted on the bill Wednesday, which extends the authority of the National Flood Insurance Program through Sept. 30, 2021. In addition, the bill extends funding for surface transportation.  The U.S. House approved the bill last week. President Donald Trump is expected to sign the bill.

“This is the second year in a row we have secured a full fiscal year extension for flood insurance,” said incoming NAR Chief Advocacy Officer Shannon McGahn. “It is a victory for REALTORS® and something we fought for very hard. While we continue to work toward comprehensive reform and long-term reauthorization, the marketplace needs stability and continuity.”

The extension of the surface transportation funding will help members too, McGahn said.

“Transportation projects take years from concept to completion, and any lapse in funding is especially disruptive,” she said. “This is a big win, especially for our commercial members who are eagerly looking toward a post-coronavirus market.”