5-year NFIP extension included in transportation bill

WASHINGTON—The National Flood Insurance Program would be extended for five years if Congress approves a transportation funding bill on which conferees from both Houses agreed Wednesday.

The NFIP was slated to expire on July 30. But a provision in the transportation finding bill would extend it through Sept. 30, 2017.

Among other things, the measure would reform how NFIP rates are determined, eliminate subsidies under certain circumstances and establish a commission to recommend standards and guidelines for federal flood maps.

The program was last acted on in late May, receiving a 60-day extension.

In recent years, differences between House and Senate approaches to the program have led to a series of short-term extensions. In some cases, the NFIP has been allowed to lapse temporarily.