Congress Passes Bill to Extend NFIP
The United States Congress has passed a bill that will extend the National Flood Insurance Program (NFIP) until December 8, 2017. The bill was passed by the U.S. Senate yesterday, then approved by the House of Representatives today. Next, it will be sent to the White House, where President Donald Trump is expected to sign it.
In addition, the measure also includes allocating $15 billion for disaster relief assistance to areas that have been impacted due to catastrophes resulting from a major disaster declaration in 2017.
Congress has been divided over the NFIP in the past, preventing a long-term solution to the program, which was originally set to expire on September 30, 2017. Prior to Hurricane Harvey’s arrival on the coast of Texas, the NFIP was around $25 billion in debt, and claims resulting from both Harvey and Hurricane Irma in Florida will push it even further. While a short-term extension of the NFIP addresses some immediate concerns, a lasting solution is in order.