House passes 4-month flood insurance program extension
The House passed legislation Wednesday that would extend the National Flood Insurance Program's (NFIP) funding an additional four months, through Nov. 30. CUNA strongly supports this extension to prevent potentially significant disruption to housing markets in flood-prone areas of the country.
"We’re pleased the House has voted to extend the National Flood Insurance Program (NFIP) for four months and hope the Senate will follow suit," said CUNA President/CEO Jim Nussle. "While we encourage Congress to continue to work on a long-term solution to enhance affordability and sustainability of the NFIP and provide certainty to the market, this extension, upon Senate passage and enactment, will ensure credit unions in affected areas are able to continue serving their members’ mortgage needs."
The NFIP helps provide flood insurance, floodplain management, and the development of flood hazard zones.
Many credit unions offer mortgages across the country, including in areas covered by flood insurance requirements.
CUNA maintains 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.
At the same time, a sustainable NFIP alongside a robust private flood insurance market will serve the best interests of our nation's housing market for years to come, and CUNA continues to support targeted reforms and long-term re-authorization of this important program.