WASHINGTON – One day before the start of hurricane season, and just hours before the National Flood Insurance Program (NFIP) was set to expire, Congress approved a short-term extension to the program until June 14.
The extension allows the NFIP to continue to issue policies, a necessary step for real estate closings in many parts of the country. The program covers over 5 million homes.
The NFIP was last reauthorized in December 2018. It is in need of long-term reauthorization. The program suffers from significant debt and annual operating deficits. Many experts believe Congress should act not just on reauthorization, but also on reforms to make the program fiscally sustainable.
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