The National Association of REALTORS® reports that late last week Congress acted on one of NAR's key legislative priorities, a 5-year reauthorization of the National Flood Insurance Program (NFIP). 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 the resolve of REALTORS® nationwide, we stayed the course to give lenders and homeowners more certainty in the mortgage and real estate marketplace with available flood insurance for existing homeowners and those buying and selling.
For more information, see the Flood Insurance update at http://www.realtor.org/articles/congress-reauthorizes-flood-insurance-for-5-years.
