Gov't Affairs, Govt - Nation

Nation: Flood Insurance Hearings

The House of Representatives held the first of several hearings on the National Flood Insurance Program (NFIP). The Senate held a hearing on March 14. The NFIP must be reauthorized to continue selling flood insurance after September 30 of this year. The purpose of these hearings is to solicit ideas for how to restructure the… Continue reading Nation: Flood Insurance Hearings

Gov't Affairs, Govt - Nation, Govt - National Assoc. of Realtors® (NAR)

Nation: NAR Testifies on Flood Insurance

On June 30, 2016, Vice Chair David McKey of NAR’s Insurance Committee testified on the small business impacts of inaccurate flood insurance rate increases. The National Flood Insurance Program (NFIP) is up for renewal next year, and must be reauthorized before September 30, 2017 in order to continue providing flood insurance in 22,000 communities nationwide… Continue reading Nation: NAR Testifies on Flood Insurance

Gov't Affairs, Govt - Nation

Congress to Reform Flood Insurance in 2016

In January, the House of Representatives held the first in a series of roundtables and hearings on the National Flood Insurance Program (NFIP). The program must be reauthorized before September 30, 2017 in order to keep selling flood insurance. Prior to the most recent reauthorization, Congress passed 18 month-to-month extensions and twice, the NFIP shut down,… Continue reading Congress to Reform Flood Insurance in 2016

Gov't Affairs, Govt - National Assoc. of Realtors® (NAR)

President Issues Order on Flood Risk Standards

President Obama issued Executive Order 13690, “The Federal Flood Risk Management Standard” (FFRMS) at the end of January. The new federal flood risk standard requires all future federal investments in and affecting floodplains to meet the level of resilience as established by the Standard. The Standard was issued to further the Climate Action Plan; flood… Continue reading President Issues Order on Flood Risk Standards

Gov't Affairs, Govt - National Assoc. of Realtors® (NAR)

Regulators Propose Tweaks to Flood Rules

Regulators released a joint proposed rule on Oct. 24th that would require lenders to escrow flood insurance payments and eliminate mandatory insurance requirements for structures that are detached from a primary residence. The rule would require lenders to escrow premiums and fees for flood insurance for loans secured by residential improved real estate or mobile… Continue reading Regulators Propose Tweaks to Flood Rules

Gov't Affairs, Govt - Nation

President Signs Flood Insurance Bill

On Friday, March 21 President Obama signed the “Homeowner Flood Insurance Affordability Act” into law. This law repeals FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill makes the… Continue reading President Signs Flood Insurance Bill

Gov't Affairs, Govt - Nation, Govt - National Assoc. of Realtors® (NAR)

National Budget Bill Includes Housing & Flood Measures

passed the 2014 Omnibus Appropriations Bill to fund the federal government through September 30, 2014. Included in the bill are two provisions that are of importance to REALTORS: flood insurance and rural housing. Rural Housing The Omnibus Appropriations Bill includes a specific provision that extends the current rural housing program definition through September 30, 2014.… Continue reading National Budget Bill Includes Housing & Flood Measures

Gov't Affairs, Govt - National Assoc. of Realtors® (NAR)

NAR Pushes for Quick Congressional Action

is continuing to pressure Congress to pass three major pieces of legislation before the year is over: Flood Insurance: H.R. 3370 / S. 1610. There are currently 142 cosponsors in the House & 24 cosponsors in the Senate.  The call for action is still live so if you have not responded, please do! Our local… Continue reading NAR Pushes for Quick Congressional Action