January 03, 2019

Flood Insurance Extended Until May 31

Congress passed an extension of the National Flood Insurance Program until May 31, avoiding a lapse that would have impacted closings throughout the nation. The President is expected to sign the bill. 

"The National Association of REALTORS® appreciates that Congress extended the National Flood Insurance Program before its expiration," NAR President John Smaby says. "On behalf of the country's 1.3 million REALTORS®, we urge lawmakers to use this time to craft responsible, long-term reauthorization that includes meaningful reforms, as the process of short-term extensions is not sustainable."

The bill is limited to the flood insurance program; other programs that could be affected by a partial shutdown of the federal government, including FHA mortgage programs, are not part of the legislation.