Congressman Jim Cooper (TN-05) issued the following statement after the Senate passed H.R. 5569, the National Flood Insurance Program Extension Act of 2010. Cooper cosponsored the legislation in the house, which passed last week.
"Nothing should stand in the way of helping Middle Tennesseans rebuild. I'm glad the Senate has finally followed our lead and taken action."
H.R. 5569 will extend the National Flood Insurance Program through September 30, 2010, without adding to the nation's federal debt. The legislation will allow the Federal Emergency Management Agency (FEMA) to issue new flood insurance contracts, renew contracts for those that are expiring, and make changes to current contracts.
The Small Business Administration (SBA) requires that certain businesses and homeowners have flood insurance in order to receive a disaster loan. The SBA will now be able to release preapproved loans for those who could not, up until now, purchase flood insurance. Cooper has been calling for an extension of the NFIP program since late May.
Legislation passed last night also includes an extension of the closing date to qualify for the homebuyer's tax credit from June 30, 2010, to September 30, 2010. Cooper said this will help Tennesseans whose homes were under contract by April 30, 2010, but were delayed by the flood, by allowing them to still take advantage of the up to $8,000 tax credit.