NAR Calls for NFIP Extension Ahead of Expiration

NAR Calls for NFIP Extension Ahead of Expiration

RECBL - Real Estate News

The National Association of REALTORS(R) (NAR) is calling for a "short-term extension" of the National Flood Insurance Program (NFIP), which is set to expire September 30.

The extension will allow for continued work on the 21st Century Flood Reform Act.

"The country has been here before, and we know what happens if the National Flood Insurance Program expires," said NAR President Bill Brown in a statement.

"Home-buying activity grinds to a halt, to the tune of 40,000 lost or interrupted sales every month. Meanwhile, existing homeowners as well as commercial entities may find their largest asset unprotected if the Federal Emergency Management [Agency] can’t renew NFIP policies that expire.

"Consumers and homeowners alike deserve certainty," Brown said. "With Congress returning from August recess [this week], extending the NFIP to avoid a lapse should be a top priority. Doing so will afford Congress the time necessary to finish work reforming and reauthorizing the program.

The House Financial Services Committee has passed vital, long-term reauthorization legislation, which would strengthen the NFIP. These critical reforms are a long time coming, and we look forward to working with the House and Senate pass the 21st Century Flood Reform Act once the threat of a lapse has been addressed."

For more information, please visit www.nar.realtor.

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