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WASHINGTON, D.C. -- Congress passed and the President signed legislation to extend the National Flood Insurance Program for an additional 60 days, assuring FEMA has the legal authority to continue to sell, renew or modify flood insurance policies until July 31, 2012. This short-term extension allows consumers critical time to renew and purchase their flood insurance policies, and complete new mortgage and loan transactions where flood insurance is required.

Source: http://www.fema.gov/