Sen. Chuck Schumer, D-N.Y., speaks during a news conference on Capitol Hill as Congress faces a funding deadline and flood insurance risks. (Daniel Heuer/Bloomberg via Getty Images)
"In an exclusive statement to Fox News Digital, a White House official said: ‘The NFIP is a vital program utilized by millions of Americans, and it’s not a hard call to extend it – which is exactly why the administration supports the House-passed CR that would do so. Unfortunately, Democrats are happy to shut down the government and hurt the many thousands of Americans who rely on this program in the process.’"
According to administration figures reviewed by Fox News Digital, a lapse in NFIP authorization could disrupt about 1,300 property sales every day. That’s roughly 40,000 closings in a single month, all in areas where flood insurance is required to secure a mortgage.
More than 400,000 policies are set to expire in October. Officials say about 152,000 of those have been prepaid, but more than 250,000 households could still lose coverage if the program stalls.
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House Minority Leader Hakeem Jeffries speaks during a news conference on Capitol Hill in Washington. (Nathan Posner/Anadolu/Getty Images)
"Home sales would cease in areas where flood insurance is mandatory in order to obtain a mortgage. What the housing market needs now is stability and certainty. NAHB calls upon the House to act quickly to continue to fund the operations of the federal government including the extension of the NFIP."
The NFIP has a long history of stopgap extensions. Since 2017, Congress has reauthorized the program more than 30 times, often through short-term measures. Lawmakers have typically made coverage retroactive to prevent permanent gaps, but even brief lapses have stalled real estate closings and left homeowners in limbo. The program currently serves about 4.5 million policyholders nationwide.
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Unless lawmakers strike a deal, FEMA will be barred from selling or renewing flood insurance policies starting Oct. 1, a lapse that could leave millions of homeowners in limbo as Washington hurtles toward a shutdown. Administration officials argue the risk is especially acute this year as hurricane season continues.
FEMA, Schumer and Jeffries did not immediately respond to Fox News Digital’s request for comment.
Jasmine Baehr is a Breaking News Writer for Fox News Digital, where she covers politics, the military, faith and culture.
https://www.foxnews.com/politics/exclusive-democrats-risk-flood-insurance-lapse-shutdown-fight-home-builders-white-house-warn