Weekly Update to Federal Political Coordinators
Flood Insurance
On July 15, the House passed HR 5114, The Flood Insurance Reform Priorities Act of 2010, by a vote of 329-90. This legislation includes an extension of the National Flood Insurance Program (NFIP) through September 30, 2015. This is a great first step in enacting meaningful and long term flood insurance reform, for which NAR has actively been advocating since 2008.
It is important to note however, that the course for HR 5114 in the Senate is unclear at this time. The Senate and the House have not agreed on past bills covering the NFIP and thus have resorted to the short term extension stop-gaps (which has twice resulted in expiration of the NFIP). If the Senate doesn't take up the legislation soon, Congress will have to consider another short-term extension as the current NFIP will expire on September 30, 2010.
Thanks to Mr. Ken Gill, Executive Broker at Coldwell Banker Rector Phillips Morse and member of the Arkansas Real Estate Commission for this update.
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