Congress Passes Three-Month, Stopgap Funding Bill; NFIP Also Extended Until December
(Image: Stock photo of U.S. Capitol Building)
Wednesday evening, the U.S. House and Senate passed an identical Continuing Resolution (CR) that averts a government shutdown and extends Fiscal Year 2024 funding levels through December 20, 2024.
President Biden is expected to sign the bill into law before the Tuesday, October 1 deadline, ensuring that all the various government-supported segments of the mortgage market, including the Department of Housing and Urban Development, (Ginnie Mae and FHA included), Department of Agriculture, and the Department of Veterans Affairs continue to operate uninterrupted.
The bill also includes an extension of the National Flood Insurance Program (NFIP) until December 20. MBA has been strongly advocating for the flood insurance extension on both sides of the Hill and with both political parties and continues to call for reforms to, and a long-term reauthorization of, this critical program.
In a press statement before passage of the CR, MBA’s President and CEO Bob Broeksmit, CMB, said, “Our nation continues to face a housing supply and affordability crisis as well as the immediate threat this week of a major hurricane in the Southeast. The passage of this three-month CR would keep essential housing programs at the Department of Housing and Urban Development, Veterans Affairs, and the Department of Agriculture running without interruption and would also avoid a lapse of the NFIP, which would leave millions of Americans at risk by disrupting the purchase of flood insurance in communities across our country.”
With Congress now in recess until after the November 5th election, the three-month CR sets up a showdown over a full spending package just before the Christmas holiday. MBA will remain directly engaged in all relevant conversations regarding government funding and the NFIP ahead of the December 20th deadline.
For more information, please contact Ethan Saxon at (202) 557-2913, George Rogers at (202) 557-2797, Rachel Kelley at (202) 557-2816 or Madisyn Rhone at (202) 557-2741.
