Breaking News: Flood Insurance Extension Passes Overwhelmingly
In a big win for REALTORS®, the National Flood Insurance Program will continue renewing or issuing new insurance for four more months under legislation overwhelmingly by the U.S. Senate today. The bill, which cleared the House last week, is expected to be signed into law before midnight tonight, when the program expires.
“We applaud lawmakers for taking this needed action to prevent disruptions to closings in thousands of communities across the country,” says NAR President Elizabeth Mendenhall. “Although the program is now extended through November 30, the NFIP is in desperate need of reforms that will make the program solvent and sustainable for the long term. The National Association of REALTORS® will continue fighting for these reforms.”
REALTORS® have been urging extension of the program for months. Almost 125,000 REALTORS®, about 15 percent of the NAR membership, contacted their members of Congress in support of the extension. The REALTOR® voice was critical through the process. This clean extension of the National Flood Insurance Program shows that it’s clear Congress heard the concerns of REALTORS®.
Thank you again for taking action on this critical legislative victory for our real estate industry!