x
Breaking News
More () »

National Flood Insurance Program could expire, experts say that puts housing market at risk

"New Orleans is a bowl. In other words, you're surrounded by water."

In less than two weeks there's a risk Congress could allow the National Flood Insurance Program to expire. Experts say that will put families, the housing market and the economy in jeopardy. New Orleans residents know what's at stake.

August and Joan LeBlanc have lived in their Mid-City home for 35 years. In that time, they've seen every storm and every hurricane. Whether it be Katrina or a summer rainstorm, the LeBlanc's watch the neighborhood flood.

"We live in a bowl," LeBlanc said. "New Orleans is a bowl. In other words, you're surrounded by water."

The LeBlancs want Congress to extend the National Flood Insurance Program.

Senator John Kennedy says he and Senator Bill Cassidy have added a rider to the farm bill that would extend the flood insurance program for six months. However, Kennedy says he's not confident the House and the Senate will pass the Farm Bill in time. Kennedy says he has a Plan B and C but time is running out.

"Senator Cassidy and I will move heaven and earth on this," Kennedy said.

Realtors hope that's true because if not, Congress could be putting the housing market in jeopardy.

"There will be people not buying and selling and that will impact real people and people vote and politicians need to understand that," Realtor Mike Humphrey said.

Humphrey works for Keller Williams Realty and says if the Flood Insurance Program expires everyone from families to local business owners to movers will feel the impact. He believes it's too important of an issue for Congress to drop the ball.

"Stop playing chicken with real people's lives," Humphrey said. "There is time to work this out, I know there are issues with the flood insurance that need to be solved but we need them to lead and not play games."

Senator Kennedy says if the Farm Bill fails he and Senator Cassidy will bring up a second stand-alone bill to extend the Flood Insurance Program.

Lauren Bale can be reached at lbale@wwltv.com.

Before You Leave, Check This Out