Builder Review Daily is highlighting the top 12 actions taken on behalf of Home Builders so far this Spring.
Accomplishment number 2: Long-Term Reauthorization of the National Flood Insurance Program
In an important victory for NAHB members who rely on the National Flood Insurance Program, at the end of this June Congress reached an agreement to reauthorize the program through Sept. 30, 2017. This should put to an end the many short-term lapses the program has endured in recent years — along with the costly delays those lapses have caused home builders and buyers.
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 5.6 million policyholders. The five-year extension of the NFIP ensures that the program will remain available, affordable and financially healthy. In addition to achieving the long-term reauthorization, NAHB worked with a bipartisan group of senators to remove “residual risk” language from the bill, which would have required the mandatory purchase of flood insurance for areas located behind dams or levees.