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H.R. 5114
Jul 28, 2010
House Provides Five-Year Extension of National Flood Insurance Program
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Flood insurance is extremely important to residents of St. Tammany Parish in Mandeville, Louisiana, Covington, Louisiana, Abita Springs, Louisiana, and Madisonville, Louisiana. Ron Lee Homes and Hearthstone Homes by Ron Lee wants to make sure that our buyers are aware of legislative acts that will benefit home buyers in the Greater New Orleans area. So, we are posting this information that the United States government has extended the National Flood Insurance program 5 more years. The bill is named H.R. 5114, and Congress can re-evaluate it as a necessity when the 5 year extension is finished.
With the latest extension of the National Flood Insurance Program (NFIP) set to expire on Sept. 30, the House by a vote of 329 to 90 on July 15 approved legislation (H.R. 5114) that would provide a five-year extension for the program.
Prior to House passage, NAHB sent a letter to members of Congress expressing support for congressional efforts to enact a long-term extension of the NFIP to ensure that the federally backed flood insurance program remains available, affordable and financially healthy.
“With the NFIP having recently experienced several short-term authorization lapses that have caused severe problems for our nation’s already troubled housing markets, NAHB is pleased that H.R. 5114 provides for a long-term reauthorization through fiscal year 2015,” the letter said. “The five-year extension included in this legislation will ensure that the nation’s real estate markets operate smoothly and without delay.”
NAHB is urging the Senate to pass a similar long-term extension of the flood insurance program.
Established in 1968, the NFIP offers affordable flood insurance to home owners and businesses in flood plains and other low-lying areas that otherwise might not be able to obtain coverage.
More than 20,000 communities nationwide participate in the insurance program, which currently covers about 5.5 million policyholders.
To view the legislation, click here and type the bill number in the box at the upper center of the page.
For more information, e-mail Scott Meyer at NAHB, or call him at 800-368-5242 x8144.
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