[StBernard] House Passes National Flood Insurance Program Extension

[Westley Annis]

House Passes National Flood Insurance Program Extension

H.R. 3139 will extend the program until March 2010; Leaders continue to
craft updated legislation

 

Washington, DC - The U.S. House of Representatives today approved
legislation that would extend the National Flood Insurance Program (NFIP)
through March 31, 2010.  Created in 1968, the NFIP provides over one
trillion dollars of flood insurance to more than five and a half million
American homes and businesses. Financial Services Housing Subcommittee
Chairwoman Maxine Waters (D-CA) and Chairman Barney Frank (D-MA) introduced
H.R. 3139 earlier this month in light of the fact that the current program
is set to expire at the end of September 2009.  The bill now moves to the
Senate for consideration. 

 

In addition to extending the program, the bill approved today includes a
provision authored by Rep. Doris Matsui (D-CA) that would make technical
changes to the National Flood Insurance Program to take local, state and
federal funding into account when determining flood zone designations.
Currently, only communities with federally funded levee improvements, not
state or locally funded improvements, are eligible for an A99 designation.
However, due to shrinking federal participation, states and communities
across the country are investing millions of dollars into flood
infrastructure.  This legislation will require FEMA to take this investment
into account and recognize local commitment to obtaining adequate flood
protection.

 

Waters and Frank also pledged to continue their efforts to draft a new
bipartisan measure to reform the NFIP.  The new, updated legislation would
incorporate important NFIP reforms previously approved by the House in 2007
and consider new studies and information not available when the Committee
last reviewed the NFIP.  Frank and Waters also plan to engage the Obama
Administration and FEMA officials, and they invite recommendations for the
reform legislation from all interested parties. 

 

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