Flood Insurance
The following information came from the FEMA concerning the expired National Flood Insurance Program
Congress Abandons Critical Housing Programs – Again
Once again, Congress left town without reauthorizing the National Flood Insurance Program (NFIP) and the Section 502 Rural Housing programs. The NFIP is now expired. The Section 502 Rural Housing program has exhausted its funding and lenders have stopped accepting applications.
Until Congress extends NFIP, no new or renewal flood policies can be issued. Without the flood insurance coverage provided by NFIP, thousands of residential and commercial transactions are on hold.
Congress has also abandoned the Section 502 Rural Housing Program. The housing program provides zero-down-payment mortgages to eligible families in rural area of every state. Many of these families signed contracts before April 30th and plan to utilize the home-buyer tax credit. If this program is not restored soon, they will lose their chance.
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