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On March 9, 2017, the House of Representatives held the first of several hearings on the National Flood Insurance Program (NFIP). The Senate’s first hearing is on March 14. The NFIP must reauthorized to continue selling flood insurance after September 30 of this year.
The purpose of these hearings is to solicit ideas for how to restructure the NFIP with the goal of developing comprehensive reform legislation this spring. FEMA was the sole witness for the first two hearings.
NAR submitted two letters for the hearings, one laying out NAR member priorities for long-term NFIP reauthorization/reform, and one regarding the reintroduction of NAR-supported legislation to encourage the development of a private market in addition to NFIP.
NAR will continue to keep you apprised of major developments.