Congress last week passed, and President Obama signed, legislation to renew the National Flood Insurance Program (NFIP) through May 31, 2010. NAR is working with members in Congress to help ensure a lasting reauthorization and extension is reached prior to the May 31 deadline. Congress allowed the NFIP to expire on March 28, 2010. By law, flood insurance is required for the purchase of real estate in a 100-year floodplain. The lapse in flood insurance resulted in many delayed, and even cancelled, home purchases and sales. During the lapse period, NAR worked with federal agencies, Fannie Mae and Freddie Mac, and bank regulators to clarify what lenders and insurers may and may not do to help work through the program’s expiration.
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