Jun 15, 2010
NAR presses Call for Action on NFIP and USDA Section 502 loans
15 Jun 2010
Posted by VAR
NAR continues to urge Realtors® to contact their US legislators to reauthorize the National Flood Insurance Program and the Section 502 Rural Housing Program. Congress’s failure to act is unnecessarily holding back economic recovery. Click here to take action now.<!–break–>
From NAR: Realtors® have been urging Congress to pass a comprehensive National Flood Insurance Program reform bill all year. We conducted a Call for Action in April, testified at Congressional hearings and urged action during our midyear hill visits. Yet once again, Congress left town before reauthorizing the NFIP and the Section 502 Rural Housing Program. As a result, thousands of transactions have come to a stop, again.
The NFIP and the Section 502 Rural Housing Program are critically important to Americans and the U.S. economy. The real estate recovery can’t afford prolonged Congressional inaction.
What’s at stake: 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.