WASHINGTON (January 30, 2014) – The following is a statement by National Association of Realtors® President Steve Brown:
“The Homeowner Flood Insurance Affordability Act, S. 1926, passed by the Senate this afternoon is the time-out Realtors® first advocated when dramatic flood insurance premium increases went into effect on October 1, 2013.
“This legislation will help homeowners nationwide who are experiencing financial hardship as a result of extreme flood insurance rates that are the unintended consequence of the Biggert-Waters reforms to the National Flood Insurance Program.
“Congress needs to hit pause on the unforeseen price increases and negative market effects of the reforms while the Federal Emergency Management Agency can complete an affordability study and research the true impact of the law.
“NAR data show that through January 2014, four months into the law’s implementation, more than 40,000 home sales were estimated to be either delayed or canceled because of increases and confusion over flood insurance rates.
“Realtors® thank the sponsors of the Homeowner Flood Insurance Affordability Act, Sens. Bob Menendez, D-N.J., Mary Landrieu, D-La., and Johnny Isakson, R-Ga., and look to the House of Representatives to take up the bill in the same bipartisan manner.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.