National Flood Insurance Program (NFIP) Extended Until September 30, 2020
LOUISIANA REALTORS • December 6, 2019
The National Flood Insurance Program (NFIP) has been extended until September 30, 2020. While this short term extension provides some predictability for homebuyers and sellers it is far from a permanent fix.
"Confidence and stability are two of the most critical factors impacting America’s housing market and economy," the National Association of REALTORS®’ President Vince Malta said after the agreement passed the House.
This program has operated on a string of short-term extensions and endured multiple lapses over the past two years, creating uncertainty for homebuyers and sellers alike. The NFIP was extended 17 times between 2008 and 2012, and lapsed 4 times: March 1 to March 2, 2010; March 29 to April 15, 2010; June 1 to July 2, 2010; and October 1 to October 5, 2011.
In Louisiana, this unpredictability has put home sales in jeopardy and left insurance policies in limbo. Property owners and buyers need certainty to complete transactions that can take from 45 days (residential property) to over six months (commercial), and NAR research has consistently shown that NFIP lapses threaten 1,300 transactions each day.
NAR is urging Congress to use the additional time afforded by this extension to work toward consensus on the NFIP Reauthorization Act. Louisiana REALTORS® is working consistently on the bills that have been filed in Congress to reach a bipartisan, long-term solution for the NFIP, and is regularly in communication with the Louisiana Congressional delegation on this very important topic.
Association emphasizes lower monthly expenses, more housing options and practical relief for Louisiana families.
Want Your Teen to Own a Home Someday? Start Talking Money Now Teens may not be thinking about mortgage rates or down payments just yet, but the money habits they’re building now can follow them for years. And 88% of teens surveyed by Fannie Mae and Junior Achievement said they want to own a home someday. This week’s Consumer Guide: Talk to Your Teens About Money and Homeownership makes those conversations a little easier, covering everything from credit scores and budgeting to debt, renting versus owning and saving for that eventual down payment. So yes, you may have to interrupt the doomscrolling. But helping teens get smarter about money today could put them in a much better position to get the keys to a home of their own down the road. Download all of NAR’s Consumer Guides in English or Spanish at facts.realtor. For ease of reference, below is a list of the most recent guides: NEW: Teen Financial Literacy Fraud Red Flags Helping Family Members Become Homeowners Prepare Your Home for Hurricane Season Condominium Insurance 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 home buying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. The next Consumer Guide, scheduled for publication on Oct. 21, will cover winter cold and storm preparedness.
Homeownership Is on Louisiana's November Ballot
