On May 24, 2012, the Senate approved a 60-day extension of the National Flood Insurance Program under an agreement between Senators Reid and Vitter.
Because the Senate amended H.R. 5740 to include 60 rather than 30 days, the House will again have to pass the extension bill, which is expected the week of May 28, 2012. Currently, program authority is next set to expire on May 31, 2012.
Under the terms of this agreement, in early June, the Senate will also bring up and vote on the 5-year Flood Insurance Reform Act. Several hurdles remain before a bill can become law, but these are positive steps toward the long-term solution NAR has been advocating most recently during its mid-year Congressional Meetings and Rally.
NAR will continue to work to ensure that the program does not lapse and that a longer term solution becomes reality.