Jun 01, 2010
Ask Congress to renew NFIP and rural housing 502 program
01 Jun 2010
Posted by VAR
We posted stories today (June 1, 2010) about the expiration of the National Flood Insurance Program (NFIP) and the unfinished business of extending the USDA’s Section 502 rural housing program. Now you can help make things right on both fronts.
NAR has just issued a call for action encouraging Realtors® to contact their members of Congress to finish the job of funding USDA guaranteed loans and pass an extension of the NFIP. Simply respond to the call for action in your e-mail inbox, or click here to take action. Here are the details from NAR:
- 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 areas of every state. Many of these families signed contracts before April 30 and plan to utilize the homebuyer tax credit. If this program is not restored soon, they will lose their chance.