Realtors®, House Financial Services Committee reach agreement to advance key flood insurance legislation

Realtors®, House Financial Services Committee reach agreement to advance key flood insurance legislation
The National Association of Realtors® (NAR) noted significant improvements to the “21st Century Flood Reform Act,” key legislation aimed at strengthening and reauthorizing the National Flood Insurance Program. Among the changes, Realtors®support the House Financial Services Committee’s commitment to retaining “grandfathering,” a policy that protects homeowners from significant rate increases when a flood map changes. The most recent draft will also limit proposed increases to fees and rate hikes that policyholders faced under previous iterations of the legislation. Earlier versions of the legislation included more dramatic cost increases for homeowners and eliminated grandfathering protections beginning in 2021. The September 30 reauthorization deadline still looms, and Realtors® are eager to see this legislation progress quickly. Thanks to NAR’s efforts on the issue, leaders on both sides of the aisle are well aware that this issue touches 22,000 communities and every state.
Source: nar.realtor; 7/20/2017

Courtesy of:

Steve Sisman
CSP, e-Pro, REALTOR,

Designated Short Sale and Foreclosure Resource,

Certified Short Sale Master Default Intermediary,

Certified Real Estate Divorce Specialist,

Associate Leadership Counsel Alumnus,

a member of the Delaware County Chamber of Commerce,

a member of the Delaware Small Business Chamber,

 
VP of the “Little Shul” (CYSEI)
Viet Nam Vetran

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