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Flood Insurance Program (NFIP). Finally, the House and Senate on Friday, June 29, passed the Biggert-Waters Flood Insurance Reform Act of 2012 as a part of H.R. 4348, the Surface Transportation Conference Report.
The President is expected to sign the measure which is a culmination of a multiyear campaign by REALTORS® which included the Rally to Protect the American Dream on the National Mall in Washington.Congress had been extending the flood insurance program a few months at a time since 2008. Twice this led to shut downs, including one that stalled more than 40,000 home sales in June 2010 alone.
Passage of this 5-year reauthorization will bring certainty to real estate transactions in more than 21,000 communities nationwide where flood insurance is required for a mortgage.
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