Flood insurance

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.

While lawmakers appear eager to help develop private flood insurance as an alternative to the federal program, some are worried that private policies won't help support flood mapping and the enforcement of flood codes.

The House passed a bill Thursday making it easier to obtain private flood insurance policies, but moments later the Senate took a pass on the legislation.

The parts of the U.S. most at risk of natural disasters are also the places where property values are highest and increasing most quickly.