House Financial Services Committee Chairman Barney Frank, D-Mass., has introduced legislation extending the federal flood insurance program from its current May 31 deadline through September 30, 2010.
Frank’s bill would again give Congress more time to address broader reforms and a five-year extension for the debt-ridden National Flood Insurance Program (NFIP) that his committee has already passed.
“The flood insurance program has lapsed twice this year. For each day the program was inactive, up to 1,400 homebuyers seeking to buy homes in flood plains were unable to close on their homes. This program is too critical to our housing recovery to be allowed to lapse,” said Rep. Maxine Waters, D-Calif., chairwoman of the Subcommittee on Housing and Community Opportunity.
Congress has let the flood program lapse twice in the past year.
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