Financial Services Committee Chair Maxine Waters and Ranking Member Patrick McHenry have agreed to extend the National Flood Insurance Program (NFIP) through Sept. 30, 2024. At a recent National Flood Conference, Waters discussed the benefits of the NFIP, stating the the program was “at risk.”
“The NFIP makes flood insurance available to millions of homeowners, renters, and business owners and also helps those policyholders to reduce their risk by providing flood mapping, floodplain management, and mitigation services,” she said. “These activities help local communities and individuals prepare for the financial impact of flooding, whether it is caused by heavy rainfall that affects families living in the Midwest or life-threatening storms that pummel the millions of homes and businesses along the coasts.”
The National Association of Homebuilders (NAHB) and the National Association of Realtors (NAR) have both expressed their satisfaction with the deal.
“The National Association of Realtors applauds Chairwoman Waters and Ranking Member McHenry for working towards a bipartisan, long-term solution for the National Flood Insurance Program,” said NAR President John Smaby. “This legislation addresses many critical NAR priorities, including long-term reauthorization, strengthening mapping and mitigation, and facilitating a more robust private insurance market. While we continue reviewing this bill, NAR thanks the Chairwoman and Ranking Member for their genuine efforts to move comprehensive reauthorization legislation forward.”
“The NFIP has played a critical role in determining the use and development of flood-prone areas and managing the risk of flooding for residential properties,” said the NAHB in a statement. “A strong NFIP helps ensure that the housing industry can provide safe, decent and affordable housing to consumers under the direction of local jurisdictions.
According to the NAHB, the Waters-McHenry bill would:
- Increase funding for flood risk mapping and mitigation.
- Provide premium credits for not currently recognized mitigation activity.
- Create a new zone to account for levee-protected areas.
- Establish umbrella coverage options for multifamily development.