Amends the National Flood Insurance Act of 1968 to extend the National Flood Insurance Program from September 30, 2011, through May 31, 2012.
Continues through May 31, 2012, the authority of the Administrator of the Federal Emergency Management Agency (FEMA), with the President's approval, to issue up to $20.725 billion in notes and obligations to finance the Program.
Amends the Continuing Appropriations Act, 2012 to repeal the termination of such authority as of November 18, 2011.
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