Snap Fact #110
Post date: Feb 23, 2012 6:9:23 PM
Snap Fact #110
The Obama Administration Extended The National Flood Insurance Programs For 6 Years!
In 2010, President Obama urged Congress to extend the national flood insurance program for those in need during this current economic crisis. The bill passed successfully and the President signed it into law on July 2, 2010.
The back story is that Congress had allowed this program to lapse four times for a total of 53 days the previous year. “It would be a huge disservice to homebuyers to allow the NFIP to lapse again,” said Republican Senator David Vitter of Louisiana. “Each time the National Flood Insurance Program Extension approaches its expiration date it causes a great deal of turmoil in the housing market because of the uncertainty surrounding the program, and we can easily prevent this from happening."
The bill was ultimately extended for 6 years. This brings a feeling of security and stability to both buyers and sellers of homes in potential flood zones, as well as giving piece of mind to current residents
