In less than one month, authorization for the National Flood Insurance Program Expires. The National Association of Realtors® is raising alarm bells about the potential effect on homeowners, consumers, and commercial property owners, with a note to Congress that it’s time to take action.
“With Congress returning from August recess today, extending the NFIP to avoid a lapse should be a top priority,” said NAR President William E. Brown.
Realtors® applauded momentum on legislation that would strengthen and reauthorize the program earlier this year, but with a full agenda this fall, NAR is calling on Congress to pass a short term extension.
Brown said such an extension would both deliver certainty for consumers while offering Congress additional time to consider reform.
“The House Financial Services Committee has passed vital, long-term reauthorization legislation, which would strengthen the NFIP,” Brown said. “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.”
Without Congressional action, authorization for the National Flood Insurance Program expires on September 30.
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.