How Harvey could speed short-term flood insurance fix
The massive flooding in Texas from Hurricane Harvey is sure to put pressure on lawmakers to resolve differences over the National Flood Insurance Program, but observers say a short-term reauthorization of the program before a Sept. 30 deadline is still the most likely scenario.
The House Financial Services Committee passed measures earlier this year to reauthorize the NFIP but that would aim to cut the program’s debt by shifting more policy holders to the private market. Panel Chairman Rep. Jeb Hensarling, R-Texas, has also made it known he would be open to winding down the program altogether.
The National Association of REALTORS® has issued a nationwide Call-for-Action asking that all REALTORS® urge Congress to reauthorize the National Flood Insurance Program (NFIP) before its current authority expires.