Category: National News, Resources & Tools, Videos & Podcasts
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On Thursday, July 15th, the United States House of Representatives passed H.R. 5114, the Flood Insurance Reform Priorities Act of 2010, among the key elements of the bill is the extension of the National Flood Insurance Program (NFIP) to September 30, 2015. The actions of the House are an important step toward enacting meaningful reform for the Flood Insurance Program and ending the uncertainty of stop-gap measures that have been keeping the program in place. NAR has been actively seeking NFIP reform since 2008.
The bill now will move to the United States Senate where the prospects of passage are not clear.
Unless a longer term reauthorization is enacted, Congress will again have to consider another short-term extension before September 30 2010, when NFIP authority is next set to expire. Since September 2008, the House and Senate have not been able to agree on the NFIP debt reforms and thus has resorted to approving a series of short-term extensions. There have been eight such extensions so far and, twice, the NFIP authority has been allowed to expire. NAR will continue to provide regular updates on the status of this legislation and the short-term extensions in the interim.
Category: Governmental Affairs, National News
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Category: Governmental Affairs, National News, Resources & Tools, Videos & Podcasts
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Last night, Congress passed an extension of the closing deadline for the Homebuyer Tax Credit, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed. The legislation is designed to create a seamless extension; the new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law.
NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the tax credit closing deadline will help provide additional stability to real estate markets across the nation.
Additionally, the Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension. NAR members sent more than 250,000 letters to Members of Congress encouraging them to extend the program.
(Source: REALTOR® Action Center)
Category: Governmental Affairs, National News
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