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NFIP Extended Through November

first_img in Daily Dose, Featured, Government, Loss Mitigation, News Tagged with: Disaster flood nfip Servicers Navigate the Post-Pandemic World 2 days ago September 30, 2019 3,982 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Home / Daily Dose / NFIP Extended Through November Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago President Donald Trump recently signed a a continuing resolution that will avoid a federal government shutdown by funding the government at current levels until November 21. Included in the resolution is an extension of the National Flood Insurance Program (NFIP) through November 21.September 30 was the deadline for Congress to reauthorize the NFIP. Lawmakers have been taking some steps to update the NFIP. For example, Senator Cindy Hyde-Smith of Mississippi is proposing an update to the Program, which aims to address the multiple extensions the NFIP has undergone with a long-term extension plan.In her letter to Senate Banking Committee Chairman Michael Crapo and Ranking Member Sherrod Brown, Hyde-Smith puts forth several options to address affordability issues among low and middle-income policy holders and debt issues within the NFIP.“We’re trying to flip the script on mitigation projects, from being reactionary to being proactive.  This is the first bill that provides a significant amount of real money for pre-disaster mitigation, which would give taxpayers a better return on investment.  It is far more expensive to rebuild after a disaster than it is to do everything you can to protect yourself beforehand,” Hyde-Smith said in a statement.Through the NFIP-RE Act, Hyde-Smith suggests a new community mapping appeals process regarding flood maps created by the Federal Emergency Management Agency (FEMA) for states, local governments, or property owners, as well as a direction to FEMA to factor nonfederal flood control structures, like levees, when determining flood risk zone designations.Additionally, the bill would increase NFIP participation among homeowners and small businesses by capping the premium rate increases to 9%.  Under the current system, rates can rise up to 25% annually in perpetuity.“Runaway premium hikes under the current system undermine and weaken the flood insurance program, which increases the burden on taxpayers to pay for federal disaster assistance to cover uninsured losses,” Hyde-Smith said.  “There’s no point in having flood insurance if nobody can afford it. This bill would help meet the equally important goals of solvency and affordability.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: FHFA Director Mark Calabria Talks Increased GSE Capital Retention Next: Tracking Home Equity Growth Since 2012 Disaster flood nfip 2019-09-30 Seth Welborncenter_img Share Save Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn  Print This Post Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. The Best Markets For Residential Property Investors 2 days ago NFIP Extended Through November The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more