By a voice vote, the House of Representatives passed a 60-day extension of the flood insurance program Wednesday evening that will keep the program running through the end of July. The bill now goes to President Obama for his signature.
The Senate passed a similar extension last week to prevent a shutdown of the National Flood Insurance Program on Friday (June 1).
As expected, the 60-day extension bill (H.R. 5740) includes a provision that requires the Federal Emergency Management Agency to charge risk-based flood insurance premiums on vacation and second homes. The premium increases will be phased in over a four-year period.
Sen. Tom Coburn, R-Okla., threatened to block the extension bill in the Senate unless it includes a provision to stop the government from subsidizing premiums on second homes.
The second home provision also is part of a five-year National Flood Insurance Program re-authorization bill that the House passed by a 406-22 vote in July 2011.
The Senate Banking Committee approved a similar NFIP re-authorization bill last September with strong bipartisan support. The Senate version has been in limbo ever since because Senate leaders can’t agree on limiting the debate and amendments on the measure.
In agreeing to the 60-day extension, Senate lenders also cleared the way for the full Senate to take up the five-year NFIP re-authorization bill in early June.
