CUNA wrote to Congressional leaders Monday calling for an extension of the National Flood Insurance Program (NFIP) before it lapses Oct. 1. Funds for NFIP--and for the federal government-- are set to expire Sept. 30.
"The authorization for the National Flood Insurance Program has been tied in recent years to government funding legislation. As a result, this important program’s authorization will lapse on October 1st without an affirmative legislative extension, either as a provision attached to a continuing resolution or as a stand-alone bill," the letter reads.
"A strong, sustainable, and affordable NFIP will serve the best interests of our nation’s housing market for years to come, and we strongly urge you to ensure that the NFIP’s authority to insure properties in NFIP communities does not lapse at the end of this month," it adds.
CUNA also strongly supports efforts to pass long-term reauthorization of the NFIP.
"We also recognize that continuing reforms may be necessary to improve the actuarial footing of the NFIP and to ensure stability in the housing market in affected areas," the letter reads. " At the same time, it is vital that flood insurance premiums remain affordable so that families in parts of the country where flood insurance is required are not shut out of the opportunity to own a home."