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Trump signs National Flood Insurance Program extension bill

Sandy flooding (NBC10)

Sandy flooding (NBC10)

Homeowners in flood-prone areas will continue to receive coverage after President Donald Trump signed the National Flood Insurance Program extension bill on Saturday.

The House and Senate voted favorably on the bipartisan measure Friday, extending the program for five million recipients through May 31, 2019.

The program, saddled with about $20 billion of debt, was set to expire Friday night. The extension permits the program to borrow up to around $10 billion more.

Administrated by the Federal Emergency Management Agency, it allows property owners to purchase affordable coverage to protect against floods.

The program has been under financial stress in recent years due to powerful hurricanes, prompting lawmakers to investigate reform solutions to keep it alive.

“The National Flood Insurance Program needs to be comprehensively reformed to make the program more fair, affordable, efficient and solvent,” U.S. Sen. Bob Menendez (D-NJ) previously said.

The Trump administration has said it supports longer-term reforms.

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