The House of Representatives late Thursday passed a one-year extension of the National Flood Insurance Program -- in plenty of time to avoid an October shutdown of property guarantees cherished by mortgage bankers and Realtors alike.
The NFIP extension bill (S. 3814) now goes to President Obama for his signature. (The Senate passed its version Tuesday evening.)
The House measure passed on a voice vote.
This year alone Congress has passed three short-term extensions of the NFIP. When the program lapsed the Federal Emergency Management Agency stopped approving new policies and renewing existing ones.
The flood insurance program was due to expire again on September 30.
"It is critical that we have certainty for lenders and borrowers who rely on this program to insure residential and commercial properties," said MBA chairman Robert Story. "We look forward to working with policymakers over the next year on a longer term extension."
