On May 9, NAR President Moe Veissi testified on Capitol Hill about reauthorizing the National Flood Insurance Program, which is set to expire on May 31. Flooding affects not just coastal states, but is an issue across the entire country. Wherever flooding occurs it slows down processes like mortgage issuance and deters potential property buyers. REALTORS? and the real estate market need a five-year reauthorization of NFIP as quickly as possible, and NAR and President Moe Veissi are working to make it happen.
So on May 30, 2012, the House of Representatives passed a 60-day extension of the National Flood Insurance Program, which will enable the Senate to act on the 5-year reauthorization and reform bill this June.
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