I wanted to share with you some progress we REALTORS® are making on extending the National Flood Insurance Program (NFIP). Thanks to your responses to the Call for Action we issued, the House and Senate are close to reauthorizing the program for another FIVE years.
The House and Senate have just signed off on an extension of the program to make that happen in the next few weeks. The extension will run until Nov. 18. I can’t tell you how excited I am about this development. It is very good news.
Immediately this means that there has been no lapse in NFIP authority to issue flood insurance. This is important because it means that more than 1,300 sales a day will now be able to close, without the threat of cancellation, delays or interruption.
REALTORS®, thank you for making this happen! So far through our efforts together, we have generated over 70,000 letters to Congress, telling them they need to extend NFIP. Thanks to you, Congress has listened.
While it is significant progress, it’s not a done deal yet. The news is promising but we can’t afford to let up now. We still need to keep pressing Congress hard. We won’t know whether we have a five-year extension until November, which is essential to keep mortgage markets stable and maintain home owner confidence in real estate markets. So please, make sure you and your colleagues still respond to the call for action to protect NFIP. Now that we are so close to a major, long-term win on the program, we must not let up!