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National Flood Insurance Program extended, Sandbridge Buyers relieved
Congress votes for 5-year extension of federal flood insurance program for 5.6 million people
By Associated Press, Published: June 29AP
“WASHINGTON — Congress on Friday approved a 5-year extension to the National Flood Insurance Program, which covers 5.6 million people.
Failure to renew the program would have been a blow to the fragile housing market because potential homeowners in flood-susceptible areas would be unable to close on mortgages or refinance loans. A two-month lapse in the program in 2010 resulted in some 1,400 home sales a day being cancelled.”
Since most of the homes in Virginia Beach, Norfolk, Chesapeake require flood insurance to obtain mortgages, this is very important legislation. Sandbridge Beach having the ocean on the east and the Back Bay on the west has not had major issues with flooding. When we have a storm approaching from the east the wind actually forces water levels on or side of Back Bay to go down.