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NFIP Reauthorized Until February 2

NFIP has been extended until February 2, with the passage of H.R.6363, known as the “Further Continuing Appropriations and Other Extensions Act, 2024.”  CSFI thanks Speaker Johnson and Members of Congress from across the country for prioritizing NFIP reauthorization.  President Biden signed the bill on November 16, one day prior to NFIP’s expiration.

The continuing resolution (CR) prevents a government shutdown that would otherwise occur if the FY2024 appropriations bills have not been enacted when the existing CR expires on November 17, 2023.  In untraditional fashion, the CR is two-tiered, extending certain programs and authorities only through January 19, 2024.  However, NFIP has been extended until February 2, 2024.  Congress must now reauthorize the NFIP by no later than 11:59 p.m. on February 2.

This is the 27th short-term extension of NFIP, since the program’s last multi-year reauthorization ended on September 30, 2017.  Since September 2017, NFIP has lapsed briefly three times.  A lapse disrupts the purchase of flood insurance and home sales requiring flood insurance, affecting approximately 1,400 sales daily.

CSFI encourages a multi-year reauthorization bill be considered, prior to February 2.  A long-term reauthorization should also include key reform priorities, like authorization of a means-tested affordability program and forgiveness of, or forbearance on, NFIP’s debt.

Last week, Maxine Waters, Ranking Member of the House Financial Services Committee, called for a long-term reauthorization: “The bottom line is that families across the country who are affected by increased flood disaster cannot afford to pay the price of the current instability of the NFIP. While the House passed its 27th bipartisan short-term reauthorization of this NFIP through February 2, 2024, this is part of a pattern that has put the NFIP repeatedly at risk of lapse throughout the years—something that industry and advocates alike have strongly opposed…During my time as Chairwoman of the Committee, we were successful in passing my bipartisan bill, the ‘National Flood Insurance Program Reauthorization Act of 2019’ that did just that and I am confident we can do it again. Now is the time.”