Enterprise: Community Developments: Congress Extends NFIP until November 30
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Community Developments: Congress Extends NFIP until November 30
- Today the Senate passed and sent to the President a bill that would extend the authorization of the National Flood Insurance Program (NFIP) through November 30. The bill, which the House had approved last week, passed 86-12 only hours before NFIP was set to expire. NFIP has been operating on short-term extensions since its five-year authorization expired last year. (PoliticoPro, July 31)
- An article on Naturally Occurring Affordable Housing (NOAH) in Atlanta highlights a report commissioned by Enterprise Preserving Naturally-Occurring Housing Affordability in Metro Atlanta Neighborhoods, which provided policy recommendations for preserving NOAH in the region. The report notes that although NOAH is cheaper to preserve than building new affordable housing, the fact that it is unsubsidized makes it intensely vulnerable to market pressure. To maintain the current NOAH stock, government officials can offer developers and landlords tax relief—including property tax abatements—for housing that remains affordable, giving them an incentive against raising rents or turning the NOAH into luxury apartments. (Saporta Report, July 30)