National Flood Insurance Program Update
NAR has made enacting a five-year reauthorization of the NFIP a legislative priority for 2017. On July 19, 2017 NAR was able to reach an agreement to move one-step closer to realizing this goal.
House Financial Services Chairman Jeb Hensarling has agreed to key changes to H.R. 2874, “The 21st Century Flood Reform Act”, that now allow NAR to support the bill. NAR had previously opposed this legislation.
These two significant changes removed the objections NAR had to the bill.
- The bill now contains no changes to current grandfathering rules
- Additional changes were made to address NAR’s affordability concerns
As a result:
- NAR has pledged to support H.R. 2874, as amended, when it comes to the floor
- H.R. 2874 would reauthorize the NFIP for five years
- H.R. 2874 incorporates six other NFIP reform bills NAR previously supported in committee
- NAR staff and the Leadership of the NAR Insurance Committee are confident that the final version of H.R. 2874 will address the goals of all six of NAR’s Flood Insurance Principles.
NAR is hopeful that a vote in the House of Representatives could be scheduled as early as next week.
NAR will communicate its support directly to Members of Congress once the final bill text is available and NAR has reviewed it. The compressed timeline, due to both the September 30th deadline and the looming August Congressional Recess, will not leave time for a full NAR Call For Action. If you receive inquiries from your Member of Congress, you can express NAR’s support and the press release linked below.
The Senate Banking Committee is expected to markup its own flood legislation before it leaves in August. NAR is hopeful that this movement on NFIP Reauthorization in both chambers will lead to a long-term reauthorization bill before September 30th.
Thank you for your help in educating Congress on NAR’s concerns and the need to reauthorize and reform this vital program for REALTORS® and property owners.
Look for more updates from NAR as developments on the Hill warrant.