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 theContinue reading “Nation: Flood Insurance Hearings”
Tag Archives: Flood Insurance
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 nationwideContinue reading “Nation: NAR Testifies on Flood Insurance”
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”
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; floodContinue reading “President Issues Order on Flood Risk Standards”
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 mobileContinue reading “Regulators Propose Tweaks to Flood Rules”
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 theContinue reading “President Signs Flood Insurance Bill”
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”
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 localContinue reading “NAR Pushes for Quick Congressional Action”
IRES MLS: Come Home to Colorado 