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

NAR: House Federal Funding Legislation Brings Certainty, Stability to Housing Market

Home Industry News
By RISMedia Staff
December 18, 2019
Reading Time: 2 mins read

National Association of REALTORS® President Vince Malta issued the following statement after the House of Representatives passed a spending package funding the federal government for fiscal year 2020. The bill provides authority for the National Flood Insurance Program through September 30, extends several tax provisions important to real estate markets and reauthorizes the Terrorism Risk Insurance Program for seven years:

“Confidence and stability are two of the most critical factors impacting America’s housing market and economy. Fortunately, this funding agreement delivers that certainty to NAR’s 1.4 million members and the clients they work hard to serve every day. The National Association of REALTORS® fought to eliminate short-term questions surrounding the status of the National Flood Insurance Program, federal terrorism insurance and various tax provisions, all of which will allow our members to plan better, minimize stress for prospective homebuyers and sellers and keep our nation’s economy moving forward. While NAR applauds today’s votes, we urge Congress to use the time afforded by this agreement to work toward sustainable, bipartisan solutions to programs like the NFIP, which protect millions of Americans every year.”

Background

Terrorism Risk Insurance Program
NAR scored a major victory, primarily for its commercial members, with the seven-year reauthorization of the Terrorism Risk Insurance Program. Terrorism risk insurance is often required to secure necessary financing for the thousands of commercial practitioners nationwide. Absent TRIP, the country would likely see a repeat of what happened in 2001, when many insurers raised terrorism risk insurance to unsustainable prices or stopped offering coverage entirely. NAR repeatedly called on Congress to reauthorize TRIP before its scheduled expiration in 2020, publicly supporting Chairwoman Maxine Waters’ Terrorism Risk Insurance Program Reauthorization Act of 2019.

National Flood Insurance Program
A nine-month extension of the NFIP’s authority will ensure policies can be issued and renewed through the end of the fiscal year. Since the Biggert-Waters Flood Insurance Reform Act expired in 2017, the program has operated on a string of short-term extensions and endured multiple lapses. That unpredictability has put home sales in jeopardy and left insurance policies in limbo, with NAR research showing that NFIP lapses threaten 1,300 transactions each day. NAR has spent the year supporting the NFIP Reauthorization Act, which includes significant reforms and a five-year program reauthorization, stating that it strikes a delicate balance between NFIP sustainability and affordability. NAR continues to work toward a long-term solution that will ensure the program is solvent and sustainable moving forward.

Tax Extenders
Included in the package are temporary extensions of three tax provisions directly impacting the real estate industry: 1) the exclusion of forgiven mortgage debt from gross income, meaning that owners of primary residences who sold them short and had part of their mortgage debt written off will not have to pay tax on the amount forgiven; 2) the deductibility of premiums for mortgage insurance; and 3) the deduction of the cost of improvements to commercial buildings that make them energy efficient. These provisions had all expired at the end of 2017, but the bill extends them, retroactive to the beginning of 2018, and through the end of 2020.

For more information, please visit www.nar.realtor.

ShareTweetShare

RISMedia Staff

Related Posts

eXp Realty Names Lofty Preferred Solution Provider in New CRM of Choice Program
Industry News

eXp Realty Names Lofty Preferred Solution Provider in New CRM of Choice Program

July 1, 2025
NWMLS
Agents

NWMLS Accuses Compass of Demanding ‘Free Riding’ in Lawsuit Response

July 1, 2025
Engagement
Agents

More Face Time: 3 Ways to Boost Engagement With Selfie-Style Content

July 1, 2025
Fed Chair Blames Tariffs for Pause, Uncommitted on July Rate Cut
Economy

Fed Chair Blames Tariffs for Pause, Uncommitted on July Rate Cut

July 1, 2025
Real Estate Magazine
Agents

The July Issue of Real Estate Magazine Is Now Live

July 1, 2025
Forbes Global Properties Expands Italian Presence with Sicily’s Rizzotti Advisors
Industry News

Forbes Global Properties Expands Italian Presence with Sicily’s Rizzotti Advisors

July 1, 2025
Please login to join discussion
Tip of the Day

Growth, Strategy and Excellence: Transform Your Brokerage at RISMedia’s CEO Exchange

Join top brokers Sept. 3–5 in Washington, D.C. to exchange cutting-edge strategies, gain market insights, foster elite networking—and propel your brokerage toward profitable growth and lasting success. Register now.

Business Tip of the Day provided by

Recent Posts

  • eXp Realty Names Lofty Preferred Solution Provider in New CRM of Choice Program
  • NWMLS Accuses Compass of Demanding ‘Free Riding’ in Lawsuit Response
  • More Face Time: 3 Ways to Boost Engagement With Selfie-Style Content

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 ACE Marketing Technologies LLC

© 2025 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
    • 2025 Newsmakers
    • 2024 Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2025 Power Broker
    • 2024 Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X