Flood Insurance gets approval from Congress; bill moves to president for signature

From NAR:  On Friday, June 29, both the House and Senate passed the Biggert-Waters Flood Insurance Reform Act of 2012 as a part of H.R. 4348, the Surface Transportation Conference Report.

President Obama is expected to sign the measure in a few days.  This is the culmination of a successful multi-year REALTOR® campaign and a final push at the National Association of REALTORS®  Midyear Legislative Rally and Meetings in May.

Congress had been extending the National Flood Insurance Program a few months at a time since 2008.  Twice this led to shut downs, including one that stalled more than 40,000 home sales in June 2010 alone.  Passage of this 5-year reauthorization will bring certainty to real estate transactions in more than 21,000 communities nationwide where flood insurance is required for a mortgage.

The bill ensures the program will continue long-term for more than 5.6 million business- and homeowners who rely on it, achieves one of NAR’s top priorities for the year, and means taxpayers will spend less on federal assistance for flood disasters over the long run.  NAR will continue to monitor the legislation as it is implemented.

 

This entry was posted in Government Affairs, Uncategorized by Jon Broadbooks. Bookmark the permalink.

About Jon Broadbooks

Jon Broadbooks is Director of Communications for Illinois REALTORS®. He serves as editor of online and print content for the association's communications including the Illinois REALTOR® magazine and e-newsletters. He conducts spokesperson training seminars and oversees the operation of website development for the Association.

Leave a Reply

Your email address will not be published. Required fields are marked *