Reinstating the National Flood Insurance Program

On April 19th, Congress reinstated the National Flood Insurance Program (NFIP). The 18-day lapse caused NFIP office closures and left hundreds of home buyers in limbo. Senator Byron Dorgan (ND-D) estimated that 1,400 prospective homebuyers a day were put on hold while NFIP shut down.

Even though it is back, the program is in $18 billion in debt, and the Government Accountability Office has reported that it is not "actuarially sound" and suffers from operational issues to boot. FEMA, which operates the program, has made improvements including creating an NFIP Reform Working Group, update on the nation's flood insurance rate maps, and community awareness and participation projects.

Although NFIP has been reinstated, it is set to expire again in May 31st when Congress will have to reauthorize it. Texas Impact will continue to cover its progress.

For the full artile at Colorado Natural Hazards, click here.