During the NAR Midyear Meetings in Washington DC, many REALTORS® met with Members of Congress and urged action the National Flood Insurance Program (NFIP). NAR has reported that yesterday 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.
There are still many moving parts to this legislation and a number of hurdles that remain. To stay up to date on the issue, please visit REALTOR.org:
http://www.realtor.org/topics/national-flood-insurance-program
