House Approves Flood Insurance Reform
The US House of Representatives on Thursday approved a flood insurance reform bill that would reauthorize the National Flood Insurance Program (NFIP) for five years. The provision, which extends the program to Sept. 30, 2015, passed by a wide margin, 329 to 90, with support from both Democrats and Republicans. It is strongly supported by the National Association of Realtors. H.R. 5114 would strengthen the NFIP and bring certainty to many real estate markets, NAR said, and commended Rep. Maxine Waters (D-Calif.) for marshalling the bill through the House.“This longer-term reauthorization of the NFIP is critical to millions of taxpaying American families who rely on the program for flood insurance, which is required to obtain a mortgage in nearly 20,000 communities across the nation,” NAR said in a press statement. Vicki Cox Golder, NAR president and owner of Vicki L. Cox Real Estate in Tucson, Ariz., said the NFIP has been allowed to expire twice in the past two years while Congress approved eight short-term extensions resulting in delays of real estate transactions. The bill now heads to the Senate. Write to Kerry Curry.