During the National Association of REALTORS® 2012 Midyear Meetings on May 14-19, REALTORS® met with Members of Congress and urged action on NAR’s priority issues, including the National Flood Insurance Program (NFIP). SILVAR is happy to learn that the U.S. Senate today passed a 60-day extension of the NFIP, avoiding a lapse in the program which was set to expire on May 31. (The U.S. House of Representatives voted on a separate measure, H.R. 5740, to extend the NFIP for 30-days last week.) A lapse would have affected thousands of real estate closings across the nation.

While this extension is a positive development and will ensure program continuity, it is not the long-term solution that NAR has been advocating. NAR is firmly committed to working with our congressional allies on passing a five-year National Flood Insurance Program reauthorization and reform bill. The bill, H.R.1309 – the Flood Insurance Reform Act of 2011, passed the House of Representatives and is awaiting action in the Senate.  

The current program will be extended for 60 days to allow additional time for the Senate to take up and pass the Flood Insurance Reform Act of 2011. While NAR expects the bill to be passed, it remained an unfinished item at press time.

NAR thanks members who pushed their Senators to take up H.R.1309. Their efforts helped move NAR very close to its goal. SILVAR members were among the 13,000 REALTORS® at the State Capitol who urged legislators to pass the extension.