By: Guest Author, Senior Vice President of Government Relations, Martin Johnson
Late last month, President Trump signed H.R. 4378 into law, funding the National Flood Insurance Program, and averting a government shutdown, through November 21, 2019. This is the 13th short-term measure for this program in the past two years.
While the extension is needed and will allow transactions to continue to close through November 21st, the National Association of REALTORS® released the following statement:
“Now that the threat of a lapse has been temporarily removed with the Continuing Resolution, REALTORS® urge Congress to return to work on a long-term reauthorization of the National Flood Insurance Program. REALTORS® strongly support the NFIP Reauthorization Act, which includes a 5-year extension as well as significant reforms to improve mapping, enhance mitigation, and remove obstacles to private flood insurance. The legislation has been unanimously approved by the House Financial Services Committee, and offers a sensible bipartisan alternative to further stopgap extensions and lapses.”
The Virginia REALTORS® whole-heartedly support this position and have begun discussions with each of our 11 members of the House of Representatives and our 2 Senators. While we haven’t yet been told, please be on the lookout for any further Federal Calls-for-Action on this or any other issues. Making sure our elected officials hear from REALTORS® like you is critical, and participating in these Calls-For-Action is an effective way to make that happen.
For more information on the NFIP, go to https://www.nar.realtor/national-flood-insurance-program