The U.S. Senate approved a bill September 30th that funds the federal government through Dec. 11; the bill includes a full-year extension of the National Flood Insurance Program (NFIP) and surface transportation funding.
The bill, which was passed by the U.S. House last week, now goes to President Trump. He is expected to sign it.
Under the agreement, NFIP authority is extended through Sept. 30, 2021.
“This is the second year in a row we have secured a full fiscal year extension for flood insurance. It is a victory for REALTORS® and something we fought for very hard,” says Shannon McGahn, the incoming chief advocacy officer for NAR. “While we continue to work toward comprehensive reform and long-term reauthorization, the marketplace needs stability and continuity.”
Also included in the continuing resolution is a similar extension of surface transportation funding.
“Transportation projects take years from concept to completion, and any lapse in funding is especially disruptive,” McGahn says. “This is a big win, especially for our commercial members who are eagerly looking toward a post-coronavirus market.”