House Passes Short-Term Extension to Flood Program
House Passes Short-Term Extension to Flood Program
The House of Representatives included a short-term extension to the National Flood Insurance Program in a continuing resolution Tuesday, and while the NATIONAL ASSOCIATION OF REALTORS® applauded Congress’ action, it said more still needed to be done. NAR is urging Congress to approve a longer-term extension of the NFIP in order to “ensure access to affordable flood insurance for millions of home owners.”
NAR has been lobbying for a five-year extension of the NFIP, which is now set to expire Nov. 18.
“NAR strongly supports the NFIP and believes that a five-year extension of the program’s authority to issue flood insurance is essential to a properly functioning real estate market,” NAR President Ron Phipps said in a statement Tuesday.“The NFIP was created because of the lack of available and affordable flood insurance in the private market, which remains true today, and serves as an alternative to expensive taxpayer-funded disaster relief for flood victims.”
The National Flood Insurance Program writes and renews flood insurance policies for more than 5.6 million home and business owners in 21,000 communities nationwide, according to NAR.
Source: NATIONAL ASSOCIATION OF REALTORS®
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