The House Financial Services Committee recently approved a litany of legislation relating to the National Flood Insurance Program (NFIP) to reauthorize and reform the program before its expiration in September.
National Association of REALTORS® (NAR) President Bill Brown applauded the approval, but took issue with one of the bills that passed, stating:
“Congress has less than four months to reform and reauthorize the critical National Flood Insurance Program. NAR is pleased that Congress is addressing the issue. NAR supports six of the seven bills that passed out of committee. We believe they represent opportunities to lower costs for homeowners, protect more at-risk properties and support a broader range of private flood insurance options.
“Unfortunately, we have strong concerns over elements of the 21st Century Flood Reform Act that could lead to consumer confusion and market disruptions. It’s imperative that Congress work together to avoid a repeat of the challenges that emerged following the Biggert-Waters reauthorization in 2012.
“Reauthorization remains our top priority. Our REALTOR® members know firsthand that this program is critical for the 22,000 communities that depend on it. Homeowners everywhere are counting on us to get this right.
“Chairmen Hensarling (R-Texas) and Duffy (R-Wis.) and members of the House are to be commended for their attention to this issue. We look forward to working with them to improve the 21st Century Flood Reform Act as it works its way through the legislative process.”
The pieces of legislation are expected to be combined into one bill, according to Bloomberg BNA.
For more information, please visit www.nar.realtor.