NFIP 3-Month Extension Approved
By Steven Brostoff, Washington Editor
NU Online News Service, Nov. 26, 11:20 a.m. EST, Washingon?Congress has approved a three-month extension of the National Flood Insurance Program while it continues to wrangle over the issue of how to handle repetitive loss properties.[@@]
The House and the Senate approved S. 1768, which continues the NFIP until March 31, 2004. This means that the program will not lapse, as happened at the end of 2002.
The House and the Senate, however, were unable to agree on a longer term extension because of a dispute over reforms approved by the House on repetitive loss properties.
The House passed a bill, H.R. 253, which would allow the Federal Emergency Management Administration to target repetitive loss properties and pay up to 90 percent of mitigation costs.
However, the Senate did not consider the issue of repetitive loss properties during its deliberations over the flood insurance program.
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