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.