NAR President Elizabeth Mendenhall released the following statement after today's U.S. Senate vote on legislation extending flood insurance funding. The bill, which cleared the House last week, is expected to be signed into law by the President before tonight’s midnight deadline.
“We applaud lawmakers for taking this needed action to prevent disruptions to closings in thousands of communities across the country. Although the National Flood Insurance Program will be extended through November 30 when signed into law, the NFIP is in desperate need of reforms that will make it solvent and sustainable in the long term. The National Association of Realtors will continue fighting for these reforms as the next NFIP reauthorization discussions loom later this year.”
REALTORS® have been urging extension of the program for months. More than 129,000 REALTORS®, or roughly 15 percent of the membership of NAR, sent letters to their senators/members of Congress in support of the extension.