RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

NFIP in Limbo, NAR Expresses Disappointment

Home Latest News
By RISMedia Staff
December 31, 2018
Reading Time: 2 mins read
Capitol Hill Update: NAR’s 2018 Political Advocacy Efforts

The United States Capitol, often called Capitol Hill, is the seat of the United States Congress, the legislative branch of the U.S. federal government. Capitol Hill, at the eastern end of the National Mall in Washington, D.C.

On Wednesday, the Federal Emergency Management Agency (FEMA) stated the National Flood Insurance Program (NFIP) cannot be renewed during the partial government shutdown, which is currently in its tenth day and left 800,000 federal workers furloughed or working without pay.

An NFIP extension was initially included in a spending bill that funded the government until December 21, 2018. It lapsed on Saturday, meaning the NFIP is no longer able to sell or renew policies. Existing policies, however, are valid until their respective expiration dates.

Before the shutdown, Congress attempted to pass a bill extending the NFIP until May 31, 2019. FEMA’s ruling, however, nullified the action.

” surprise FEMA ruling jeopardizes tens of thousands of home sales across America, as NAR estimates up to 40,000 closings are disrupted each month that the NFIP cannot issue flood insurance policies. NAR will continue carefully reviewing this ruling and we remain in communication with Congress and FEMA to remedy the situation as quickly as possible.”

The National Association of Home Builders (NAHB) also responded to FEMA’s decision to postpone the NFIP extension.

“The nation’s home builders are deeply disappointed that FEMA has chosen to ignore the will of Congress to keep the National Flood Insurance Program (NFIP) fully funded through May 31, 2019,” said NAHB Chairman Randy Noel in a statement. “By refusing to renew or sell flood insurance policies as a result of the federal shutdown, FEMA is not only thwarting congressional intent, but also hurting countless home owners across the nation who reside in flood-prone areas and rely on the NFIP to protect their properties against the risk of flooding.”

“FEMA’s short-sighted action threatens to wreak havoc in many real estate markets from coast-to-coast at a time when the nation is already struggling through a housing affordability crisis. We strongly urge FEMA to rethink this ill-advised action and abide by the will of Congress by moving to immediately allow new flood insurance policies to be written and renew existing policies for the duration of the government shutdown. A failure to act responsibly will have devastating consequences for the housing market,” added Noel.

This is a developing story. Stay tuned to RISMedia for ongoing updates.

For the latest real estate news and trends, bookmark RISMedia.com.

Tags: FEMANARNational Flood Insurance ProgramNFIPreal estate newsReal Estate News and InformationReal Estate Trends
ShareTweetShare

RISMedia Staff

Related Posts

Homebuilder Confidence Falls for 8th Straight Month
Agents

Homebuilder Confidence Falls for 8th Straight Month

August 16, 2022
Housing Starts Fall to Lowest Level in Over a Year
Agents

Housing Starts Fall to Lowest Level in Over a Year

August 16, 2022
The Hottest Zip Codes of 2022 Are in Small New England Cities
Agents

The Hottest Zip Codes of 2022 Are in Small New England Cities

August 16, 2022
Forbes Global Properties Names Michael Jalbert CEO
Agents

Forbes Global Properties Names Michael Jalbert CEO

August 16, 2022
Compass Eliminates Financial Perks, Recruiting Tactics After Tallying Higher Losses in Q2
Agents

Compass Eliminates Financial Perks, Recruiting Tactics After Tallying Higher Losses in Q2

August 16, 2022
Thriving in a Recession: Best Practices for Real Estate Team Leaders
Agents

Thriving in a Recession: Best Practices for Real Estate Team Leaders

August 16, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

Keep Up With What Today’s Buyers Want

Today’s buyers want move-in ready but over 80% of homes in the U.S. are 20 years or older making pre-listing... Learn more.

Business Tip of the Day provided by
REGISTER NOW

Recent Posts

  • Homebuilder Confidence Falls for 8th Straight Month
  • Housing Starts Fall to Lowest Level in Over a Year
  • The Hottest Zip Codes of 2022 Are in Small New England Cities

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X