Congressman Rubén Hinojosa voted today to support the National Flood Insurance Program (NFIP) 30-day extension in H.R. 5740. This bill offers a temporary extension that Congressman Hinojosa is in hopes will lead to a lengthier authorization in order to help homeowners.
"What this legislation needs is for the Senate to pass a long-term authorization to help homeowners and to save taxpayers money," said U.S. Rep. Hinojosa. "Since 2008, the National Flood Insurance Program has operated on several short-term extensions which, only increases uncertainty in the housing market. We are preparing for hurricane season and Congress needs to act now to provide stability for the housing market and give peace of mind to homeowners."
Congressman Hinojosa is a co-sponsor of H.R. 1309 which reauthorized the NFIP and passed the U.S. House of Representatives overwhelmingly with over 400 votes in July of 2011. H.R. 1309 provides for a five-year reauthorization of the NFIP. Reforms included in H.R. 1309 will generate an additional $4.2 billion of revenues over the next 10 years to help shore up the program, according to the Congressional Budget Office. Congressman Hinojosa offered an amendment that was adopted by the Committee on Financial Services in 2011, that limited the mapping of flood areas to 100 year floodplains instead of 250 year floodplains. That bill still waits for Senate action.