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NFIP’s authority to provide flood insurance is currently set to expire at midnight on September 30, 2023. NAR is making every effort to secure a long-term reauthorization of the program. Here are answers to frequently asked questions about what this means for upcoming closings and several proactive steps your clients can take in the meantime.
Congress is discussing a Continuing Resolution (CR) to extend funding for the federal government after September 30, 2023. An NFIP extension is attached to the CR. In the meantime, NAR is urging the longest extension possible while Congress continues working toward a long-term reauthorization and reform measure.
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