People in rainboots in a flooded home

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NFIP Extended to Nov. 30, But Reforms Still Needed

July 31, 2018

The U.S. Senate approved a bill Tuesday to keep the National Flood Insurance Program operating for four more months. President Donald Trump is expected to sign the bill, which cleared the House last week, into law before midnight Tuesday, when the program expires.

“We applaud lawmakers for taking this needed action to prevent disruptions to closings in thousands of communities across the country,” Elizabeth Mendenhall, president of the National Association of REALTORS®, said in a statement. “Although the program is now extended through Nov. 30, the NFIP is in desperate need of reforms that will make the program solvent and sustainable for the long term. The National Association of REALTORS® will continue fighting for these reforms.”

REALTORS® have been urging extension of the program for months. Nearly 125,000 REALTORS®—about 15 percent of the NAR membership—sent letters to their members of Congress in support of the extension.

—Robert Freedman, REALTOR® Magazine