Congresswoman Ileana Ros-Lehtinen, whose District includes high risk flood prone areas in the Florida Keys and Miami-Dade County, voted for a 60 day reauthorization of the National Flood Insurance Program (NFIP). The House approved the Senate version that includes an amendment that would remove subsidies granted to second homes as well as vacation homes.
One in four Floridians is covered under the NFIP, collectively paying $900 million in premiums per year. The lack of a long term reauthorization brings instability to a re-emerging housing market as home buyers whose home resides in a flood plain cannot close on their homes without flood insurance.
Said Ros-Lehtinen, "I am glad that the House and Senate were able to iron out their differences and produce this legislation. While it is far from a perfect bill, it is the best we were able to achieve and we could not afford a lapse in NFIP coverage.
It is my hope that this re-authorization will invigorate the modest housing gains seen in South Florida and across the nation. A robust real estate market is the key to a healthier economy and passage of this bill is a positive step forward."