National Flood Insurance Program Extended Once Again; Still No Long-Term Fix in Place
The U.S. Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010. The House already passed the legislation so this will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension. An estimated 14,000 transactions per day had been stalled because of the lack of availability of flood insurance under the program.
For more information on the flood insurance program, you may visit www.realtoractioncenter.com or www.realtor.org/government_affairs.