Success! Congress renews the National Flood Insurance Program (NFIP)
Thank you to the over 128,000 REALTORS® who made their voices heard by responding to NAR’s call for action to renew the vital National Flood Insurance Program (NFIP). Your efforts worked – the Senate voted Tuesday with just hours to spare before the program’s lapse to extend the NFIP and protect homeowners all over the country, including in Washington state.
“From Tukwila-Renton on the north, to Puyallup-Sumner on the south, the NFIP takes on special importance because of the Green/Duwamish, White and Puyallup rivers,” said Seattle King County REALTORS® South King County Lobbyist Sam Pace. “Significant areas in the southend continue to be designated as ‘floodplains’ on FEMA’s flood maps. For those areas in particular, the NFIP is especially important, for two reasons: first, lenders tend to require flood insurance for any loan secured by property that is at risk of flooding. Second, the NFIP is the primary source for obtaining the flood insurance that lenders require.”
Since September 2017, Congress has enacted six short-term extensions of the NFIP to avoid a lapse that would put 22,000 communities nationwide at risk in the event of a flood. This time, a bill introduced by Reps. Tom MacArthur (R-N.J.) and Steve Scalise (R-La.) will extend the NFIP through November 30.
“The NFIP is important for home sales in those floodplain areas – without it, lenders are not likely to make loans there, which could affect the ability of buyers to get a mortgage,” said Pace.
The Association will continue to urge Congress to avoid the continued temporary fixes and secure the program financially for the long-term.