National Flood Insurance Program Update

Last week during the 2012 Mid-Year Meetings many REALTORS® met with Members of Congress and urged action on NAR’s priority issues, including the National Flood Insurance Program (NFIP).  The United States Senate is expected to pass a 60-day extension of the NFIP. This extension will avoid a lapse in the program when the current authorization expires on May 31, 2012.  A lapse would have affected thousands of real estate closings across the nation.  While this extension is a positive development and will ensure program continuity it is not the long-term solution that NAR has been advocating.  

NAR has been firmly committed to working with our Congressional Allies on passing a 5-year National Flood Insurance Program reauthorization and reform bill.  That bill, H.R.1309 the Flood Insurance Reform Act of 2011, has passed the House of Representatives and awaiting action in the United States Senate.  Despite media reports that are indicating “progress” in the Senate on passing the reauthorization and reform bill, there a number of legislative hurdles that remain.  So we are holding off

“Where We Stand” Talking Points

·       The current program will be extended for 60 days to allow additional time for the Senate to take up and pass the Flood Insurance Reform Act of 2011

·       While NAR expects the Flood Insurance Reform Act of 2011 to be passed it remains an unfinished item

·       Once a bill is passed and signed into law NAR will provide comprehensive analysis of changes to the NFIP

·       Members who pushed their Senators to take up H.R.1309 helped move us very close to our goal and should be thanked for their efforts.