Funds for flood mitigation and road projects were approved in a U.S. Senate bill, according to a news release from the National Association of Realtors.
The bill already passed the U.S. House of Representatives and is expected to be signed into law next week, according to the report.
It extends the National Flood Insurance Program for a year and funds the federal government through Dec. 11.
“This is the second year in a row we have secured a full fiscal year extension for flood insurance,” Shannon McGahn, the incoming chief advocacy officer for NAR, said in the press release. “It is a victory for Realtors and something we fought for very hard. While we continue to work toward comprehensive reform and long-term reauthorization, the marketplace needs stability and continuity.”
She added that continuity in funding for transportation projects is critical, and any lapse in funding is disruptive. “This is a big win, especially for our commercial members who are eagerly looking toward a post-coronavirus market,” she said.