We did it! Late last week Congress finally acted on one of National Association of Realtor’s key legislative priorities, a 5-year reauthorization of the National Flood Insurance Program (NFIP). The pundits said nothing would be accomplished in an election year. But we proved them wrong because we didn’t give up, and we have the victory to confirm it!
The 5-year reauthorization will bring certainty to real estate transactions in more than 21,000 communities nationwide where flood insurance is required for a mortgage. The bill ensures the program will continue long-term for more than 5.6 million business and home owners who rely on it.
This has been a long, arduous battle. The NFIP suffered through 25+ short-term extensions; hobbling along for more than seven years without a long-term reauthorization. Because of our resolve, NAR’s management and leadership stayed the course to give lenders and homeowners more certainty in the mortgage and real estate market place with available flood insurance for existing homeowners and those buying and selling.
Now more than ever, it is our responsibility to be steadfast protectors of the American Dream of homeownership. If not us, who? If not now, when?
Have a great Fourth of July everyone!