Saturday, June 19, 2010

Floor Insurance and Rural Housing

From NAR's REALTOR® Action Center:


Once again, Congress left town without reauthorizing the National Flood Insurance Program (NFIP) and the Section 502 Rural Housing programs. The NFIP is now expired. The Section 502 Rural Housing program has exhausted its funding and lenders have stopped accepting applications.

Until Congress extends NFIP, no new or renewal flood policies can be issued. Without the flood insurance coverage provided by NFIP, thousands of residential and commercial transactions are on hold.

Congress has also abandoned the Section 502 Rural Housing Program. The housing program provides zero-downpayment mortgages to eligible families in rural area of every state. Many of these families signed contracts before April 30th and plan to utilize the homebuyer tax credit. If this program is not restored soon, they will lose their chance.

Regardless of your location, rebuilding our markets in every corner of America is in every REALTOR®'s interest. The REALTOR Party must speak with one voice to urge Congress to renew both NFIP and the Rural Housing 502 program today. Please contact Congress today.
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