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.
NAR is pleased to share the latest consumer guide focused on state and local tax (SALT) deductions . This guide explains federal tax law changes that temporarily quadruple the amount of state and local taxes (SALT) that taxpayers can deduct and will make homeownership more accessible and affordable, especially for people in higher-tax states. 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: Assistance Programs Real Estate Auctions Working with a Real Estate Attorney Making Your Home More Energy Efficient Buying a Historic Property 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 next week’s guide on August 6, which will cover packing tips and tricks.
The Louisiana REALTORS® Board of Directors will elect six (6) LR At-Large Directors at its October 8th meeting. Qualifications and an application for the position can be found below.
From flood zones to hurricane season, Louisiana clients have big questions. Learn how REALTORS® can confidently respond with local insights that build trust and close deals.
