Flood and Tax Credit extensions signed into law!

Office of the Press Secretary

July 2, 2010

Statement by the Press Secretary on H.R. 5569, . . .  and H.R. 5623

On Friday, July 2, 2010, the President signed into law:

H.R. 5569 (Rep. Maxine Waters), the “National Flood Insurance Program Extension Act of 2010,” which retroactively reauthorizes the Federal Emergency Management Agency (FEMA) to enter into new contracts for flood insurance under the National Flood Insurance Program through September 30, 2010; and reduces FEMA's authority to borrow under the Program by $50 million to up to $20.725 billion.

. . . and

H.R. 5623, the “Homebuyers Assistance and Improvement Act of 2010,” which extends the date by which purchasers must have closed on a home to be eligible for the homebuyer tax credit.