Congress passed and the President signed an extension of flood insurance as part of the $15 million flood assistance amendment to H.R. 601 last Friday. H.R. 601 is the Continuing Appropriations Act, 2018 and Supplemental Appropriations for Disaster Relief Requirements Act, 2017. H.R. 601 provides funds for basic education to other countries as part of foreign assistance. Section C of the Continuing Resolution extends the debt limit, Division B contains the disaster relief funds
While the extension is good news for property owners required to have flood insurance as part of their mortgage, the reform and its provisions are not part of the extension.
NAR will continue their legislative efforts in support of H.R. 2874: the 21st Century Flood Reform Act. As the Fall progresses, keep your eye on Congress to see if H.R. 2874 makes it through the Congressional process.
Read more about the 21st Century Flood Reform Act.