National Flood Insurance Program (NFIP) Extended Until September 30, 2021
Louisiana REALTORS • October 1, 2020
“This is the second year in a row we have secured a full fiscal year extension for flood insurance. It is a victory for REALTORS® and something we fought for very hard,” says Shannon McGahn, the incoming chief advocacy officer for NAR.
Also included in the continuing resolution is a similar extension of surface transportation funding.
“Transportation projects take years from concept to completion, and any lapse in funding is especially disruptive,” McGahn says. “This is a big win, especially for our commercial members who are eagerly looking toward a post-coronavirus market."
While this extension provides some relief for homebuyers and sellers, it is far from a permanent fix. NAR continues to urge Congress to work toward a consensus on the NFIP Reauthorization Act.
"As the 116th Congress nears its end, the House and Senate are missing a golden, bipartisan opportunity to move meaningful NFIP reform legislation authored by Chairwoman Maxine Waters and Ranking Member Patrick McHenry, which addresses the program’s viability and affordability," said NAR President Vince Malta. "NAR urges Congress to make long-term reform a priority moving forward."
Louisiana REALTORS® is regularly in communication with the Louisiana Congressional delegation on this very important topic.
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.
