FLOOD INSURANCE PROGRAM EXTENDED for 5 YEARS

Good news for many home owners throughout the country and more particularly those around our Lake Hamilton, Lake Catherine and many other areas around Hot Springs” lakes and streams!

President Obama signed into law Friday a five-year reauthorization of the National Flood Insurance Program, which will help keep flood insurance more accessible and affordable in protecting property owners in more than 21,000 communities where flood insurance is required for mortgages. The program now will be extended through Sept. 30, 2017.

According to National Association of Realtors (NAR), more than 5.6 million property owners rely on the program for affordable flood insurance.

During the last four years, Congress has only been approving short-term extensions of NFIP, with more than 17 extensions of the program during that period.  The program has actually expired twice online casino during the same time frame.

According to research by the NAR, when lawmakers let the program expire, about 1,300 real estate transactions were delayed or canceled each day. In June 2010, for example, more than 40,000 homes sales alone were delayed or canceled while the program lapsed. Many lake property sales around Lake Hamilton were also delayed due to the lapse in June 2010.

“It is essential to many property owners throughout the country that flood insurance is made available and affordable.  The five-year reauthorization of the National Flood Insurance Program helps to provide more stability to our real estate market and will help to contribute to continued recovery” according to Andy Meyers, 2011 President of the Arkansas Realtors Association and Executive Broker of Meyers Realty in Hot Springs.

The Biggert-Waters Flood Insurance Reform Act of 2012 was approved by Congress as part of a transportation funding bill last week and signed into law by President Obama on Friday.

 Source: National Association of Realtors

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