On June 29, the US House and Senate passed the Biggert-Waters Flood Insurance Reform Act of 2012 that reauthorizes the National Flood Insurance Program for the next five years. All members of Congress representing southeastern Pennsylvania supported the legislation. President Obama is expected to sign the measure this week.
Because of the collective voice of thousands of REALTORS, Congress has passed legislation that will bring certainty to real estate transactions in more than 21,000 communities nationwide where flood insurance is required for a mortgage. The bill also ensures the program will continue long-term for more than 5.6 million businesses and homeowners that rely on it and means taxpayers will sped less on federal assistance for flood disasters over the long run.
Click here for more information on this important victory for REALTORS
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