Obama signs flood insurance, homebuyers tax credit bills

The extension of the flood insurance program also is expected to help homebuyers complete sales. The measure extends the program to Sept. 30 to retroactively reauthorize the Federal Emergency Management Agency (FEMA) to enter into new contracts for flood insurance. The legislation also reduces FEMA's authority to borrow under the program by $50 million to up to $20.725 billion.

The president also signed an extension of the Federal Aviation Administration through August 1. The House and Senate are expected sometime in July to complete work on their bills that could increase pilot licensing requirements and would provide funding for a satellite-based air traffic control program from the current World War II-era system.