NFIP stands for National Flood Insurance Program and it expires May 31st. Why should we care? NFIP is essential for around 500,000 homes sales annually, and usually 1300 sales nationally are delayed or stopped when coverage lapses. In June of 2010 while the program had lapsed more than 47,000 real estate transactions stalled.
16,325 homes in the flood plains of Montana, 660,431 homes in the flood plains of Louisiana, and more than just residential homes are impacted, multifamily, commercial and refinancings are affected. We need stability and certainity in the marketplace as this helps to stabilize our market and aids in recovery.
There have been 17 stopgaps since 2008, and twice, failure to act led to the program shutdown. We need a 5 year reauthorization of the program. We need Congress to act decisively to pass this and not let the program lapse. Please contact your Congressperson and urge them to pass this program. Crucial reforms will be lost if this 5 year bill is not adopted: Enhancement of FEMA communications with communities, reimbursement of flood map appeal expenses, streamlining of the mapping appeals process, review of flood mapping standards and much more. Please urge your Legislator to pass this 5 year bill.
Remember the REALTOR Rally ~ It’s Our Time.
9:30am on Thursday May 17th at the Washington monument.
I will see you there along with over 15,000 REALTORS.
We will show ’em that REALTORS mean business!
Until Next Monday in Washington, DC…