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.
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By: Eric Landry, Breazeale Sachse & Wilson, L.L.P. Louisiana REALTORS® Legal Counsel Below are highlights of the changes to mandatory forms effective January 1, 2026. Louisiana Residential Agreement to Buy or Sell: Specific Changes Overall, several changes were made to re-order the agreement in an effort to have the agreement more closely track the sequence of events in a typical transaction. This resulted in relocation of several sections and corresponding changes to line number references in various places throughout the agreement.
