“Only” a 60-Day Extension for National Flood Insurance
Last week during the 2012 Mid-Year Meetings a contingent of CABOR members met with Members of Congress and urged action on NAR’s priority issues, including the National Flood Insurance Program (NFIP). Later today 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.