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PIA Urges Congress to Pass Longer Extension of NFIP

As the latest deadline for extending the National Flood Insurance Program (NFIP) looms, PIA is urging Congress to pass an extension of sufficient length to...
September 21, 2010

As the latest deadline for extending the National Flood Insurance Program (NFIP) looms, PIA is urging Congress to pass an extension of sufficient length to avoid additional interruptions in the program and that allows sufficient time for hearings to be held.

On July 2, President Obama signed into law the latest short-term NFIP extension following a four-week program hiatus. The NFIP is now set to expire again on September 30.  Although there has been some discussion that Congress will now extend the NFIP until December 31, 2010, this would pose a problem. It is not certain that there will be a substantive lame-duck session after the November elections. Passing an NFIP renewal that only runs through December 31 carries a high risk that the program will suffer yet another multi-week expiration in January. The Senate Banking Committee hopes to hold a hearing September 23 on flood issues.

"Failure to pass an appropriate extension to the program will once again cause disruptions to the real estate market and further undermine confidence in the flood program," said PIA National Director of Federal Affairs Mike Becker. "This 'stop-and-start' has to stop. Lawmakers should pass an interim NFIP extension of sufficient length to avoid additional interruptions in the program and that allows sufficient time for hearings to be held."

Click here to read Possible NFIP Extension Not Enough, PIA Warns (National Underwriter 9/10/10)

Click here to read PIA Statement on NFIP (9/9/10)

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