Daily Real Estate News | June 24, 2010 |
NAR Hails House Vote on Flood Bill Extension
A bill to extend the authority for the National Flood Insurance Program, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, was passed by the House today. The bill would extend the program to September 30, 2010.
“We greatly appreciate that the members of House were sensitive to the plight of thousands of home buyers whose loans were being held up since this program expired earlier this year. The passage of H.R. 5569 is a first step toward helping home buyers to the closing table. We strongly urge the Senate to speed passage of this important bill,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz.
Lenders have refused to close loans on properties that required flood insurance, since the insurance program expired May 31. The bill would make flood insurance coverage retroactive and would include all approved applications since that date. The bill now goes to the Senate for consideration.