From the NAR Hub on Dec 19th, 2024

Good evening!  We want to provide you with an update on the National Flood Insurance Program and government funding which must be extended before midnight tomorrow night. We hope to avert a shut down, but please check with any affected clients or closings requiring flood insurance, just in case.

NAR is working closely with Congressional Leaders to secure an on-time extension, including standalone and other possible legislative vehicles for an extension. We are also educating members about the importance of extending funding for other housing programs.  Here are the latest documents:

• NAR Letter to Congressional Leadership: Read the letter
• What a Government Shutdown Means for REALTORS®: Read the memo

NAR has also prepared a FAQ sheet explaining what a lapse means for closings and providing flood insurance options during a lapse. In short, NFIP cannot issue new or renewal flood insurance policies, but existing policies can be transferred and remain valid for 30 days. Most lenders also suspend the mandatory purchase requirement, and private flood insurance is not affected by NFIP lapses.

• Frequently Asked Questions: FAQ on NFIP Lapse

Congress still has time to act before tomorrow night and we are making every effort on your behalf. We will keep you posted on any new developments. Have a great evening!

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Austin Perez

Senior Policy Representative | Advocacy

NATIONAL ASSOCIATION OF REALTORS® | Washington DC

Office: 202.383.1046