National Flood Insurance Program (NFIP) Re-authorization
Amy Fennell • July 24, 2017
The National Flood Insurance Program (NFIP)
is set to expire on September 30th without Congressional action. NAR estimates that past lapses of the NFIP have delayed or cancelled 1,400 transactions a day. NFIP was created in 1968, and has about 5 million active policies in existence in all 50 states and over 21,0000 communities. Louisiana has the third most policies active with over 450,000 properties covered following Florida with around 1.8 million policies and Texas with just over 600,000 policies in force. The program presently is in debt to the United States treasury by approximately $25 Billion. This certainly creates a concern for the sustainability of the program.
During the past month, there has been a lot of activity on Capitol Hill. NAR has been actively engaged in trying to shape various pieces of legislation in accordance with NARs flood insurance policy principles.
Louisiana has been very well represented by the Congressional delegation along with broker David McKey of Coldwell Banker One in Baton Rouge who currently serves as the Chair of the NAR Insurance Committee. His committee along with NAR staff have been rallying the key people in Washington toward the program's re-authorization. View the following video for a great recap of where we stand and what will be happening as we near the re-authorization deadline.
Take advantage of safety training and other resources provided by your local REALTOR® Association in Louisiana.
Construction Update: Act Nos. 239 and 422 Eric Landry, Breazeale, Sachse & Wilson, L.L.P. Louisiana REALTORS® Counsel
NAR is pleased to share the latest consumer guide focused on how the VA Home Loan offers a great path to homeownership for current and former military service members. 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: What Is the VA Home Loan Guaranty? 10 Tips for Packing Smartly for a Move State and Local Tax (SALT) Deductions Buying a Historic Property Making Your Home More Energy Efficient Working with a Real Estate Attorney 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 the next consumer guide, which outlines requirements for private mortgage insurance and how it protects lenders and consumers.
