Recently, during our Midyear Meetings, many the Realtors met with Members of Congress and urged action on NAR’s priority issues including the National Flood Insurance Program (NFIP). Thursday, the Senate passed a 60-day extension of the NFIP. This extension will avoid a lapse in the program when the current authorization expires on May 31. A lapse would have affected thousands of real estate closings across the nation. While this extension is a positive development ensuring program continuity, it is not the long-term solution that NAR has been advocating.
NAR has been firmly committed to working with Congressional allies on passing a 5-year reauthorization and reform of NFIP. That legislation (H.R. 1309) has passed the House and awaits action in the Senate. Please write to your Senator to tell them they need to pass this bill.
There are still many moving parts to this legislation and a number of hurdles that remain. NAR will continue to work to ensure that the NFIP doesn’t lapse and that a longer term solution becomes reality. To stay up to date on the issue, please visit http://www.realtor.org/topics/national-flood-insurance-program.