On Friday, March 8, Congress passed a $460 billion spending package to fund several federal agencies through September 30, 2024 – narrowly averting a partial government shutdown. The spending bill keeps open several agencies which would have otherwise shutdown after the March 8 deadline and and sustains their programs, including the Department of Housing and Urban Development, the U.S. Department of Agriculture, the Department of Veterans Affairs, Department of Transportation, and the Treasury Department.
Still left for Congress to fund are the remaining agencies, which have a March 22 deadline to avoid a shutdown. The National Flood Insurance Program (NFIP) is also set to expire on that date, as its authorization is tied to the federal spending bills.
NAR has advocated for Congress to pass a long-term spending bill ahead of a government shutdown to keep important federal programs and agencies running as well as to avoid a lapse in the NFIP, which would impact thousands of homeowners living in flood zones for whom the NFIP keeps flood insurance affordable. In addition to keeping the costs of flood insurance down, the NFIP plays a crucial role in home sales for buyers in flood zones.
Read NAR’s letter urging Congress to avert a shutdown.
