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We're sorry, this alert is no longer available. If you would like to learn more about ways you can take action, please visit Realtor Action Center.The short explanation of this alert was:
Congress left town for their spring recess without completing work on two critical programs essential to recovering real estate markets – the National Flood Insurance Program and the Section 502 Rural Housing program.
Flood Insurance: The National Flood Insurance Program (NFIP) is vitally important to the recovering real estate market. Its authority was allowed to expire on March 28th. Until Congress extends NFIP, no new or renewal flood policies can be issued. Thousands of property buyers will not be able to purchase a home or commercial property without the flood insurance coverage provided by NFIP. Consequently, many real estate transactions will grind to a halt.
Rural Housing Service Mortgage Insurance: Section 502 rural housing single family mortgage insurance provides housing financing for America’s rural families. These loans are funded by private lenders and simply insured by the Rural Housing Service. As private mortgage markets have dried up, without these guaranteed loans, many rural families are left out in the cold. With funding expected to run out at the end of April, lenders have already stopped accepting new loan applications.
The real estate market cannot afford another setback. Urge Congress to renew both NFIP and the Rural Housing 502 program today.
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