NAR Urges Congress to Immediately Extend Crucial NFIP Before Tomorrow’s Expiration

WASHINGTON (March 21, 2024) – National Association of REALTORS'® President Kevin Sears commented on the recently released "Further Consolidated Appropriations Act, 2024," which would extend the National Flood Insurance Program (NFIP) until September 30, 2024: 

"On behalf of 1.5 million members, the National Association of REALTORS® calls on Congress to quickly extend the NFIP before it expires tomorrow. Americans deserve certainty and stability in the flood insurance marketplace so that they can protect their homes, businesses, and loved ones. Since 2017, the NFIP's authority has been extended 29 times and allowed to lapse on several occasions briefly. Short-term extensions and lapses exacerbate uncertainty in real estate markets.  Without access to flood insurance, American families must rely on federal disaster aid, which is severely limited.  NAR estimates that an extended NFIP lapse could threaten 1,300 property sales per day and the recovery of thousands of small businesses and homeowners from the devastating effects of catastrophic flooding.

"We commend the House Financial Services Committee for continuing to work on a long-term reauthorization measure, and we look forward to Congress bringing stability and predictability to this essential program."

The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

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