Commercial NFIP Priorities
On Tuesday, April 4, NAR and a coalition of real estate industry groups sent a letter to the House Financial Services Committee outlining priorities for commercial real estate in the upcoming reauthorization of the National Flood Insurance Program (NFIP). The NFIP is scheduled expire on September 30, 2017 unless Congress extends it. Specifically, the letter asks for:
- Multi-year reauthorization of the NFIP;
- Improved flood-mapping capabilities;
- Expanded coverage options, including business interruption and multiple buildings; and
- Language specifically authorizing the use of NFIP grant money for commercial real estate mitigation programs.
Reauthorizing the NFIP is a high priority for NAR, and provides an opportunity to improve the program so it can be most effective at preventing and resolving issues from flooding. NAR will continue to advocate on this issue as the reauthorization process moves along in the 115th Congress.