Posted by: RAPV | July 20, 2012

Big Win: 5 Year Flood Insurance Reauthorization

After years of efforts by NAR to secure long-term reauthorization of the National Flood Insurance Program (NFIP), the House and Senate voted on June 29 and passed the Biggert-Waters Flood Insurance Reform Act.  The President has signed the measure. 

This is the culmination of a multiyear campaign by REALTORS® involving five Calls for Action since 2008 and a final push at NAR’s Midyear Legislative Meetings & Trade Expo in May, which included the Rally to Protect the American Dream on the National Mall in Washington. 

Congress had been extending the flood insurance program a few months at a time since 2008.  Twice this led to shut downs, including one that stalled more than 40,000 home sales in June 2010 alone.  Passage of this 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 achieves one of NAR’s top legislative priorities for the year.  It also means taxpayers will spend less on federal assistance for flood disasters over the long run.  NAR will continue to monitor the legislation as it is implemented.

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