January 22, 2003—The National Association of Realtors (NAR) applauded Congress for passing legislation that reauthorizes the Federal Emergency Management Agency’s national flood insurance program, which provides more than 90 percent of the flood insurance policies in the US. The national flood insurance program expired December 31, 2002, when Congress failed to reauthorize it before adjourning last November.
The legislation, which retroactively reauthorizes the program for one year, passed the House and the Senate under unanimous consent January 8 and 9, and now heads to President Bush for his signature.
NAR led a broad coalition of industry groups in pushing for the program’s immediate reauthorization. Flood insurance is usually required by lenders for loans on commercial and residential properties in areas where flooding is common.
