For most of the year, you have heard how the National Association of REALTORS® (NAR) has made enacting a five-year reauthorization of the National Flood Insurance Program (NFIP) a top priority for 2017. NAR was successful on July 19th at reaching an agreement that shows promise of achieving that goal.
NAR has been unable to sign off on NFIP legislation, however, House Financial Services Chairman Jeb Hensarling (R-TX) agreed to changes on House Resolution (H.R.) 2874, “The 21st Century Flood Reform Act”, which NAR supports. Changes included 1) no changes to current grandfathering rules and 2) additional changes were made to satisfy NAR’s affordability concerns.
H.R. 2874 will now reauthorize the NFIP for five years, incorporate six other NFIP bills currently supported by committee and address all NAR’s Flood Insurance Principles.
Ideally, the House of Representatives will schedule a vote this week. The Senate Banking Committee is expected to bring forth their own version before the August recess. NFIP legislation must be passed by September 30th which is when the current program expires.
Be on the look-out for updates from the Atlanta REALTORS® Association on any new developments.