With Congress’ approval of H. R. 4348-512, the Biggert-Waters Flood Insurance Reform Act of 2012 reauthorized funding for the National Flood Insurance Program (NFIP) for five years, until September 30, 2017. The bill was signed into law on July 6 by President Barack Obama. Without congressional and presidential support, funding was set to expire on July 31, again placing thousands of real estate transactions in limbo.
With this bill’s passage by a vote of 74 to 19 in the Senate and 373 to 52 in the House, home owners and home buyers can breathe a sigh of relief knowing there won’t be another shutdown, lapse or temporary extension.
For several years, thousands of REALTORS® from across the United States have urged their Members of Congress to reauthorize the NFIP. While making personal visits with our congressional delegation in Washington, D. C. in May, during the NAR Mid-Year Meeting, Federal Political Coordinators met with lawmakers and their staffs and urged their support for the NFIP to ensure access to affordable flood insurance for the 21,000 communities where flood insurance is required for federally related mortgages.
We are so grateful to the Federal Political Coordinators who effectively communicated the importance of this needed congressional action to help stabilize the real estate market. Most importantly, we thank our Members of Congress for their vote in July, 2011 on H. R. 1309, The Flood Insurance Reform Act, and for their vote on June 29, 2012 for H. R. 4348.
From the Greater Harris County Congressional Delegation, this is how our Members of Congress voted on H.R 4348:
U. S. Senators:
Yea – Kay Bailey Hutchison
Nay – John Cornyn
U. S. Representatives:
Yea – Ted Poe, John Culberson, Kevin Brady, Al Green, Michael McCaul, Sheila Jackson Lee, Gene Green
Nay – Ron Paul, Pete Olson
We will continue to keep you informed on this and other important federal programs that affect your neighborhood and your livelihood.