WASHINGTON (7/6/10)—The National Flood Insurance Program (NFIP) was given an extension to Sept. 30 when the President signed H.R. 5569 into law Friday. Also signed into law was H.R.5623, the Homebuyer Assistance and Improvement Act, which amends the Internal Revenue Code to extend eligibility for a first-time homebuyer tax credit until Sept. 30. The credit is for taxpayers who entered into a binding contract to purchase a principal residence before May 1. Regarding the flood insurance program, the Federal Emergency Management Agency's (FEMA) authority to extend flood insurance contracts under NFIP must be periodically reauthorized by Congress. That authority has lapsed three times this year, with lawmakers approving short extensions each time. The third lapse started June 1.