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Congress Approves Short-term Extension for National Flood Insurance Program (NFIP)
Amy Fennell • December 8, 2017
Reprinted from The Advocate
By: Bryn Stole
Congress extended the National Flood Insurance Program by a fortnight Thursday as part of a broad but temporary federal-government funding deal.
The flood insurance provisions will keep the program operating as normal through Dec. 22, buying lawmakers time to work on a longer term reauthorization for the important but beleaguered federal program.
It's unclear if the two-week reprieve offers a long enough window for the House and Senate to bridge significant differences over a potential overhaul of the program.
Heated debate over proposed reforms to NFIP have left the program's future in limbo for months. Lawmakers from flood-prone states like Louisiana have insisted on provisions to keep coverage affordable while a group of fiscal hawks have pressed for reforms that would jack up premiums for some vulnerable policyholders.
A lapse in the program would've caused havoc in real estate markets in south Louisiana, holding up mortgages for anyone eyeing property in high-risk flood areas and creating uncertainty for buyers, sellers and lenders.
It would have also created potential roadblocks to paying claims, including to victims of the 2016 Baton Rouge-area floods and this year's devastating Atlantic hurricane season.
The two-week extension avoids those issues but creates a new looming deadline for lawmakers trying to hammer out a deal.
An NFIP reauthorization bill cleared the House in November. But the Senate isn't expected to consider the package. Senators have expressed concern over potential rate hikes for homeowners under the House bill and will likely consider several bills of their own, including two separate pieces of legislation by Sens. John Kennedy and Bill Cassidy of Louisiana.
As previewed last week, NAR is pleased to share the latest consumer guide focused on homeowners associations (HOAs). This guide covers the basics of what prospective buyers need to know, including who runs HOAs, how monthly fees are applied, rules HOAs enforce, and the pros and cons of living in an HOA community. For additional information, we encourage you to check out this REALTOR® Magazine article on the nuances of how homeowners associations can affect real estate transactions. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Homeowners Associations Marketing Your Home Seller Disclosures Property Taxes Preparing for Homeownership Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover navigating multiple offers.
Discover how REALTORS® play a key role in legislative advocacy, ensuring that real estate rules and regulations protect brokers, clients, and the market. Learn about the benefits and opportunities they provide.
As previewed last week, NAR is pleased to share the latest consumer guide focused on marketing a home. This guide covers several methods for sellers to consider, including setting up showings, hosting open houses, and maximizing the visual appeal of a home through staging and/or cosmetic updates. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Marketing Your Home Seller Disclosures Property Taxes Preparing for Homeownership Escrow and Earnest Money Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover homeowners associations.
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