April 19, 2010
By: Carrie Van Brunt
After what seemed like an endless wait for some, Congress extended the federally funded flood insurance program last week.
Heavy rains have devastated certain areas of the country and those without flood insurance were unable to purchase any after March 28. Members of Congress were unable to agree on its terms along with the jobs bill it was attached to before taking a recess.
The legislation passed the second time around after it was unable to pass from the first vote. Late Thursday night, President Barack Obama signed the legislation into law.
Homeowners and real estate agents alike were likely relieved. Consumers purchasing houses in high-risk flood zones were unable to close because they weren't able to buy flood insurance. Close to 1,400 homes sales were affected.
Many areas in the Northeast were particularly hard hit by storms and flooding last month. Massachusetts, New Jersey, New York, Rhode Island, and West Virginia were declared federal disaster areas. Homeowners, businesses, and renters affected by the severe rains and flooding were eligible for Individual Assistance Programs.
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