Nation: President Trump Releases Budget

On Thursday, March 16th, President Trump released the “America First – A Budget Blueprint to Make America Great Again.” The budget does not include many details, but is more an outline of President Trump’s spending proposals. House and Senate appropriations committees will review the budget proposals and will develop the final budget documents for theContinue reading “Nation: President Trump Releases Budget”

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 theContinue reading “Nation: Flood Insurance Hearings”

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”

Larimer: Expect Changes To Flood Plain Maps

In the wake of the devastating September 2013 flood Larimer County officials want to review the County’s flood plain maps. In some cases rivers moved and/or created new channels, for example. FEMA does not require periodic review of flood plain maps but local governments often begin the process by making the request of State andContinue reading “Larimer: Expect Changes To Flood Plain Maps”

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”

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”

Flood Insurance Update

Throughout 2013 and 2014 REALTORS® have been working to address serious shortcomings in the 2012 Biggert-Waters Flood Insurance Reform Act.  The law was intended to bring much needed stability to the National Flood Insurance Program (NFIP) which had been operating under a series of stopgap measures.  On numerous occasions the program actually lapsed, delaying closingsContinue reading “Flood Insurance Update”

Boulder County Planning Commission to Discuss Floodplain Regulations

On Feb. 19 the Planning Commission will meet with officials from the County and FEMA. Topics to be covered include: NFIP background/ history/purpose; NFIP costs overall, how Program should work, and Biggert Water Reform; Community Rating System; Floodplain mapping – limitations and expectations; Special Flood Hazard Area requirements and Boulder County’s floodplain regulations; Substantial Damage/SubstantialContinue reading “Boulder County Planning Commission to Discuss Floodplain Regulations”

NAR Supports Bill to Delay Changes in Flood Insurance

On Oct. 29, 2013, Senators Robert Menendez and Johnny Isakson introduced the NAR-supported “Homeowner Flood Insurance Affordability Act” (S. 1610), to delay unintended rate increases under the Biggert-Waters law and its implementation. Congress passed the Biggert-Waters Flood Insurance Reform Act in 2012. It required the Federal Emergency Management Agency (FEMA), and other agencies, to makeContinue reading “NAR Supports Bill to Delay Changes in Flood Insurance”