The National Flood Insurance Program (NFIP) will expire on May 31, 2010 and it is unlikely that the U.S. Congress will reauthorize the program before then. FAAR members who went to Washington for the NAR Mid Year Meeting stressed the importance of a multi-year reauthorization to Members of Congress, including local representative, Cong. Rob Wittman, but the crowded congressional schedule and budget constraints have brought us back to the same place we were at the end of April.
NAR is working to put guidance in place similar to what was issued back in April that in theory would allow closings to proceed without an official NFIP policy, but that didn’t seem to completely alleviate the problem for affected transactions. If you would like to send Congressman Wittman an email reiterating the importance of the flood insurance program, you may access his online form here.
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