HR 5577 — NFIP Extension Act of 2026

changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italics, and existing law in which no 
change is proposed is shown in roman):

 NATIONAL FLOOD INSURANCE ACT OF 1968

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TITLE XIII--NATIONAL FLOOD INSURANCE

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CHAPTER I--THE NATIONAL FLOOD INSURANCE PROGRAM

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 financing

 Sec. 1309. (a) All authority which was vested in the Housing 
and Home Finance Administrator by virtue of section 15(e) of 
the Federal Flood Insurance Act of 1956 (70 Stat. 1084) 
(pertaining to the issue of notes or other obligations or the 
Secretary of the Treasury), as amended by subsections (a) and 
(b) of section 1303 of this Act, shall be available to the 
Administrator for the purpose of carrying out the flood 
insurance program under this title; except that the total 
amount of notes and obligations which may be issued by the 
Administrator pursuant to such authority (1) without the 
approval of the President, may not exceed $500,000,000, and (2) 
with the approval of the President, may not exceed 
$1,500,000,000 through the date specified in section 1319, and 
$1,000,000,000 thereafter; except that, through [September 30, 
2023] September 30, 2026 , clause (2) of this sentence shall be 
applied by substituting ``$30,425,000,000'' for 
``$1,500,000,000''. The Administrator shall report to the 
Committee on Banking, Finance and Urban Affairs of the House of 
Representatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate at any time when he requests the 
approval of the President in accordance with the preceding 
sentence.
 (b) Any funds borrowed by the Administrator under this 
authority shall, from time to time, be deposited in the 
National Flood Insurance Fund established under section 1310.
 (c) Upon the exercise of the authority established under 
subsection (a), the Administrator shall transmit a schedule for 
repayment of such amounts to--
 (1) the Secretary of the Treasury;
 (2) the Committee on Banking, Housing, and Urban 
 Affairs of the Senate; and
 (3) the Committee on Financial Services of the House 
 of Representatives.
 (d) In connection with any funds borrowed by the 
Administrator under the authority established in subsection 
(a), the Administrator, beginning 6 months after the date on 
which such funds are borrowed, and continuing every 6 months 
thereafter until such borrowed funds are fully repaid, shall 
submit a report on the progress of such repayment to--
 (1) the Secretary of the Treasury;
 (2) the Committee on Banking, Housing, and Urban 
 Affairs of the Senate; and
 (3) the Committee on Financial Services of the House 
 of Representatives.

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 program expiration

 Sec. 1319. No new contract for flood insurance under this 
title shall be entered into after [September 30, 2023] 
September 30, 2026 .

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