Flood insurance

The government shutdown and Congress' inability to reauthorize the National Flood Insurance Program could delay some home sales and loan closings.

Hurricane Irma's price tag in federal disaster assistance now totals $1.95 billion in Florida, including $39 million on the Treasure Coast, according to federal reports.

Numerous business sectors are urging lawmakers to act quickly to extend the National Flood Insurance Program before a crucial deadline next week.

Seven flood-prone Highland Park, Ill., homes adjacent to forks of the North Branch of the Chicago River could potentially be purchased, demolished and converted to open space under a voluntary flood buyout.

The House approved a five-year extension of the National Flood Insurance Program on Tuesday, but it remains unclear whether the Senate will seek to pursue its own bill. The program is due to expire Dec. 8.

The bill includes $16 billion in debt forgiveness for the National Flood Insurance Program and could benefit financial institutions’ customers in areas impacted by recent hurricanes and wildfires.

Texas is receiving $58 million from the Community Development Block Grant disaster recovery program that HUD administers.

While the House disaster relief bill would provide $16 billion in debt relief for the National Flood Insurance Program, it does not include a Trump administration proposal to ban new construction in flood-prone areas.

While the scale of destruction and suffering caused by Hurricanes Harvey and Irma is staggering, history suggests the local economy and housing markets in the affected areas will bounce back relatively quickly.

Four neighborhoods hit hardest by Hurricane Harvey have limited resources and are in most need of federal, state and local assistance for property repair and rehabilitation costs.