Enterprise Urges Congress to Reauthorize the National Flood Insurance Program

Last week Enterprise released a statement urging Members of Congress to reauthorize the National Flood Insurance Program (NFIP) and restructure it to prioritize the needs of at-risk multifamily communities. The statement also emphasizes the importance of reducing flood risk for vulnerable communities through strategic investment in mitigation and adaptation of housing infrastructure. Earlier this summer, the House Financial Services Committee, led by Chairman Jeb Hensarling (R-TX), passed seven bills to reauthorize the NFIP, which is scheduled to expire in September 2017. According to Chairman Hensarling, the bills would prioritize protecting taxpayer interests as the NFIP is extended, although Representative Maxine Waters (D-CA) has expressed concerns about the possible negative impacts of the bills, including restricting coverage and increasing insurance costs, both of which would hurt low-income households.