WASHINGTON/ June 13, 2019 (STL.News)
John Smaby, President of the National Association of Realtors®, issued the following statement after the House Financial Services Committee voted Wednesday evening to advance the National Flood Insurance Program Reauthorization Act of 2019. Introduced by Chairwoman Maxine Waters and Ranking Member Patrick McHenry, H.R. 3167 reauthorizes the NFIP for 5 years, increases the program’s mitigation tools and updates its mapping scope and technology, among other reforms.
“NAR is pleased to see the House Financial Services Committee take a critical first step in the process toward long-term National Flood Insurance Program reform and reauthorization,” Smaby, a second generation Realtor® and broker at Edina Realty in Edina, Minnesota, said. “We thank Chairwoman Waters and Ranking Member McHenry for considering various NAR priorities within this legislation, including policies that address mapping, mitigation and private flood insurance, and we look forward to working with them to move responsible NFIP reforms through the House and Senate in the coming weeks.”
The House Financial Services Committee voted unanimously on Wednesday to move H.R. 3167 to the House floor, with a vote expected in the coming weeks. The NFIP has been extended through a dozen separate short term extensions over the past two years, with two brief lapses occurring over that time. The program retains flood-insurance-writing authority through September 30, 2019.
The National Association of Realtors® is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.