Hurricane Irma Emergency Disaster Aid and Short-Term NFIP Reauthorization
Today, President Donald Trump received legislation that both the Senate and U.S. House of Representatives passed which raises the government’s borrowing authority, funds federal programs, such as the short-term extension of the National Flood Insurance Program, through December 8, 2017, and provides $15.25 billion in emergency disaster aid. Legislators hurried to approve the legislation in the midst of a projection that government disaster aid would run out as Hurricane Irma arrived in Florida. The President is expected to sign the bill into law expeditiously.
Reuters reports, “The $15.25 billion in emergency funding includes $7.4 billion for the Disaster Relief Fund at the Federal Emergency Management Agency, FEMA, $450 million for the Small Business Administration’s disaster loan program and $7.4 billion for the Community Development Block Grant program at the Department of Housing and Urban Development.”
Proctor will continue to monitor federal, state and investor requirements for disaster assistance and will provide updates as they develop.