President Joe Biden signed a spending measure keeping the federal government open for business, including the National Flood Insurance Program.
The NFIP, like most of the federal government, would have closed its doors to new business if Congress hadn’t passed a temporary spending bill by Nov. 17.
Biden signed the bill providing fiscal year 2024 appropriations to certain federal agencies through Jan. 19, 2024, for continuing projects and activities funded in four appropriations bills. For the remaining eight appropriations bills — including the Federal Emergency Management Agency, which administers the NFIP — the measure provides funding through Feb. 2, 2024.
A shutdown of the government would have meant home and commercial property sales dependent on flood insurance coverage could have been stalled if private flood coverage were not a viable option.
In addition, FEMA’s borrowing power would have been crippled. As of last month, FEMA had the ability to borrow more than $30 billion. In the event of a shutdown, that borrowing power would have fallen to $1 billion.