Kevin Sears, President of the National Association of REALTORS® (NAR), issued a statement on the “Further Consolidated Appropriations Act, 2024,” which proposes to extend the National Flood Insurance Program (NFIP) through September 30, 2024. Representing 1.5 million members, NAR urged Congress to expedite the extension of the NFIP to prevent its expiration. Sears highlighted the importance of providing Americans with certainty and stability in the flood insurance market to safeguard their homes, businesses, and families. He noted that since 2017, the NFIP has undergone 29 temporary extensions and faced several brief lapses, leading to increased uncertainty within the real estate markets. The lack of access to flood insurance forces American families to depend on limited federal disaster aid. NAR estimated that a prolonged lapse in the NFIP could jeopardize 1,300 property sales daily, affecting the recovery of numerous small businesses and homeowners from the impacts of catastrophic floods. Sears commended the House Financial Services Committee for its efforts toward a long-term reauthorization of the program and expressed anticipation for Congress to bring stability and predictability to the crucial program.
For the full details and insights, please refer to the original press release at the following link: https://www.nar.realtor/newsroom/nar-urges-congress-to-immediately-extend-crucial-nfip-before-tomorrows-expiration