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Wednesday, April 26, 2017

Senators Cassidy and Gillibrand Release NFIP Extension Draft Legislation for Comment

Today, US Senators Bill Cassidy, MD (R-LA) and Kristen Gillibrand (D-NY) released draft legislation to reauthorize the National Flood Insurance Program (NFIP) for 10 years. The NFIP is currently set to expire on September 30, 2017.

This proposed legislation would reauthorize the NFIP over a 10-year term (2017-2027), which is needed to avoid short-term extensions and program lapses that create uncertainty in both the insurance and housing markets.

This legislation also takes to reform the program by addressing:
  • Affordability and accessibility

  • Solvency and sustainability

  • Private market access, accountability, and competition

  • Flood mapping and flood risk accuracy

  • Transparency and accountability
For a full summary of the bill, click here.

To review of the Draft legislation, click here.