April 20, 2010
An extension of the National Flood Insurance Program's federal authorization, which expired on March 28th, was signed by President Obama on April 15th. The program is effective retroactively to February 28th, and has been extended until May 31, 2010.
There was some uncertainty regarding the effects of the program's expiration after Congress failed to renew it before going on recess, allowing the authorization to expire. The expiration may have caused short term delays for buyers and sellers attempting to close on properties located in Special Flood Hazard Areas.
For more information go to www.floodsmart.gov.