We estimate the effects of community participation in the NFIP on county-wide housing development in the state of Georgia using fixed-effect panel data methods from program participation dates as well as housing permit records. We find that program participation has no effect on housing development across all counties, a weakly negative effect in noncoastal counties, and a stronger negative effect in the 500-year floodplains of coastal counties. We posit that increased compliance costs for the construction of new flood-resistant buildings likely explains these findings.