Friday, July 16, 2010

Flood Insurance Reform Bill would help Hamilton Residents - Now Passed by House

The U.S. House of Representatives approved a flood insurance reform bill that would reauthorize the National Flood Insurance Program to Sept. 30, 2015.

“This longer-term reauthorization of the NFIP is critical to millions of taxpaying American families who rely on the program for flood insurance, which is required to obtain a mortgage in nearly 20,000 communities across the nation. This would restore flagging confidence in a vital program by ensuring its continuation for several years without further disruption to real estate markets upon which our nation’s economic recovery depends,” said Vicki Cox Golder, NAR president.

Golder noted that the authority has been allowed to expire twice in the past two years while Congress approved eight short-term extensions, resulting in multi-week delays if not cancellation of thousands of real estate transactions. Such stop-gap measures have caused many hardships and lost sales for property buyers, sellers and their communities, she said. 

The bill now goes to the Senate.  If you have an opinion, contact one or both of our New Jersey Senators.

Joe Giancarli, Sales Associate
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
www.joegiancarli.com
www.newjerseynewhomes.blogspot.com 

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