House Panel Approves Long-Term Flood Insurance Reauthorization

The House Financial Services Committee voted today to advance NAHB-supported bipartisan legislation that would reauthorize the National Flood Insurance Program for five years through Sept. 30, 2024. NAHB has made a long-term reauthorization of the NFIP a top legislative priority and the bill agreed to by Chair Maxine Waters (D-Calif.) and Ranking Member Patrick McHenry (R-N.C.) includes many NAHB-supported reforms to the program. Specifically, the NFIP Reauthorization Act of 2019 would:

• Increase funding for flood risk mapping and mitigation.
• Provide premium credits for not currently recognized mitigation activity.
• Create a new zone to account for levee-protected areas.
• Establish umbrella coverage options for multifamily development.

In a letter of support sent to Reps. Waters and McHenry prior to the committee vote, NAHB said that the NFIP Reauthorization Act of 2019 “reflects the principles of affordability, accessibility, predictability and financial stability that NAHB believes must be part of any NFIP reauthorization.” The letter also stated that the bill “would ensure stability in the housing market and prevent unnecessary lapses in the program as we enter into the hurricane season.” Senate Banking Committee Chair Mike Crapo (R-Idaho) has indicated he will consider the legislation in the Senate. NAHB urges Congress to swiftly pass a long-term reauthorization of the NFIP. View a one-page outline and section-by-section summary of the bill. For more information, contact Jessica Hall at 800-368-5242 x8253.