Courtesy of REALTOR Magazine:
The U.S. House of Representatives approved a flood insurance reform bill that would reauthorize the National Flood Insurance Program to Sept. 30, 2015, a provision strongly supported by the National Association of REALTORS®.
Passage of H.R. 5114, the Flood Insurance Reform Priorities Act, would strengthen the NFIP and bring certainty to many real estate markets that are much in need, NAR said, and commended Rep. Maxine Waters (D-Calif.) for marshalling the bill through House passage.
“This longer-term reauthorization of the NFIP is critical to millions of taxpaying American families who rely on the program for flood insurance, which is required to obtain a mortgage in nearly 20,000 communities across the nation. ( Full Story )