Flood Insurance Renewed for 60 Days | Condobytes

National Journal Breaking News

House Approves Flood Insurance Extension, Bill Moves to President

?The House approved a short-term, 60-day extension of the National Flood Insurance Program on Wednesday, keeping the program alive and setting the stage for a broader debate over reform this summer.?? Condobytes? thanks Congresswoman Jan Schakowsky (D-IL) for the information and the support for her constituents.

The Journal reports ?The measure was approved by a voice vote. The bill now moves to the White House and the president is expected to sign it quickly. The focus on flood insurance then shifts back to the Senate, where?Majority Leader Harry Reid, D-Nev., has promised to bring up a five-year reauthorization and reform bill in the next work session.

?The National Flood Insurance Program, which provides government-subsidized insurance through the Federal Emergency Management Agency in flood-prone regions is nearly $18 billion in debt from 2005 Gulf Coast hurricanes Katrina and Rita.?Lawmakers have tried unsuccessfully to overhaul the program since 2003, and have relied on a series of short-term extensions to keep the program running since 2008, but they seem now to have reached a turning point in the debate.?

The proposals for reform include dropping vacation and second homes from the program.? This will effect Illinois snowbirds and other homeowners including foreign citizens.

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editor and publisher, condobytes.info. Condominium activist including president of the Association of Sheridan Road Condo/Co-op Owners, founding member of ACTHA and legislative Chairperson, board member at association of residence, president of association at previous residence. Appointed by Governor as citizen member of Illinois Condominium Advisory Council. This entry was posted in Bulletins and tagged Flood Insurance. Bookmark the permalink.

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