NFIP Extended A Week to Prevent Lapse
LOUISIANA REALTORS • November 30, 2018
Louisiana Senators Bill Cassidy and John Kennedy continue to be key players in negotiations and we thank them for taking the lead on this key issue!
Flood Insurance Program extended at least another week
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The Advocate By: Bryn Stole
Congress pushed back its deadline to deal with the National Flood Insurance Program by at least a week, passing yet another short-term extension of the program late Thursday.
A deadline to avoid a lapse in the federal program, which underwrites most flood insurance coverage in the country and covers a half-million Louisiana homes, had been looming at midnight on Friday. The short-term deal is the eighth temporary extension for the program since it first came up for periodic renewal more than a year ago.
Louisiana Sens. Bill Cassidy and John Kennedy had pushed for a six-month extension of the program, putting off a deadline until the spring and giving new incoming leadership in the House of Representatives time to get to work on a comprehensive overhaul of the program.
Both the House and Senate passed a week-long extension on Thursday evening. The Senate also passed the six-month deal, meaning the House could come back Friday or next week and pass the longer extension as well.
No long-term deal over the beleaguered flood insurance program — which is mired in billions of debt from payouts for past hurricanes — is expected in the coming weeks. But lawmakers will need to strike an agreement on just how long to extend it.
Lawmakers have remained deadlocked for more than a year over long-term reforms to the program. <<Read the Full Article>>
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NAR is pleased to share the latest consumer guide about contract contingencies and clauses that buyers and sellers may encounter in a real estate transaction. The guide defines common contingencies and clauses and helps consumers understand what happens if the terms aren’t fulfilled. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow up to two weeks 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: Real Estate Contract Contingencies Understanding Condo Ownership How to Protect Against Real Estate Wire Fraud 5 Home Selling Tips for Privacy and Safety Do You Need Private Mortgage Insurance? What Is the VA Home Loan Guaranty? 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 focuses on working with a remodeling contractor.
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