National Advocacy

National Flood Insurance Program (NFIP)

U.S. House Resolution 2874, The House Flood Reform Bill

While there is broad agreement that the 50-year-old NFIP needs a major overhaul, there is not yet agreement in the Senate over how to do that.

For example, independent actuaries have shown that the private market could offer better coverage at lower cost than the NFIP for many property owners. However, some Senators are concerned that, if allowed to choose between private plans and overpriced NFIP policies, some policyholders could leave, taking revenue that NFIP could use to pay the claims of the policyholders who remain. While Florida Citizens has tested and proven this argument to be unfounded, in the Senate, it takes at least 60 votes to move legislation and so it is taking some time for both sides to find a way forward.

What NAR members can do in the meantime is keep reminding Congress:

  • Don’t let the NFIP lapse. Each lapse costs 40,000 property sales per month.
  • Without reauthorization, NFIP cannot issue or renew policies in 22,000 communities where flood insurance is required for a mortgage.
  • The House Flood Reform Bill (H.R. 2874) would fully reauthorize the program for five years.
  • The Senate should take up and amend the House bill to strengthen the flood mapping and mitigation provisions but retain the private-market and NFIP-rate reforms.

Click here for the full NAR Talking Point on flood insurance from the May Legislative Meetings.
Click here to learn more about NAR’s advocacy on the Flood program.

NAR will be rolling out a comprehensive action plan to follow up with targeted advocacy, grassroots, communications, and media heading into the July 4 recess.


H.R. 1153, “The Mortgage Choice Act”

On February 5, 2018, NAR sent a letter to the US House of Representatives urging support for H.R. 1153, “The Mortgage Choice Act.” H.R. 1153 is bipartisan legislation introduced by Representatives Bill Huizenga (R-MI), Gregory Meeks (D-NY), Ed Royce (R-CA), David Scott (D-GA), Steve Stivers (R-OH), Mike Doyle (D-PA), and David Joyce (R-OH). The bill would make adjustments to the Truth in Lending Act (TILA) definition of points and fees under the Ability to Repay/Qualified Mortgage (QM) rule. An identical bill passed the House with greater than two-thirds vote in the last Congress. The Mortgage Choice Act will enhance competition in the mortgage and title insurance markets, and ensure that consumers will be able to choose the lenders and title providers best suited for their home buying needs. Read NAR’s Letter on the Mortgage Choice Act.


The Tax Cuts and Jobs Act

What It Means for Homeowners and Real Estate Professionals

Download the NAR Issues Brief HERE.

NAR’s Economists’ Outlook Blog looks at the areas hit hardest by tax reform, and provides access to see the local impacts.


Show Your Support for the National Flood Insurance Program

WHY?

  • Long-term Reauthorization Is Critical
  • Accurate Flood Maps Are Essential
  • Risk Mitigation Keeps Rates Affordable
  • Private Market Options Must Be Included

From NAR:

The National Association of REALTORS (NAR) needs your help to drive messages to Members of Congress urging them to support H.R. 2874, “The 21st Century Flood Reform Act.”

H.R. 2874 reauthorizes the NFIP and makes a number of critical improvements to the NFIP including increased funds for mitigation activities, caps on overall premium increases, improved claim and mapping processes, as well as removing hurdles for more private market participation in the flood insurance market. Reauthorization of the NFIP will help over 5 million homeowners in 22,000 communities around the country, so it is critical Congress acts now.

Congress has again extended the NFIP; it will expire March 23, 2018,.More information:
Key Talking Points
HR 2874 Bill Summary on Congress.gov
NAR Section-By-Section Analysis of HR 2874
NAR Flood Insurance Portal

 

 


Find information on the issues, NAR’s position, and how they affect REALTORS®, home buyers, and private property owners via the Federal Issues Tracker or navigate to specific topics:


Business Issues

All Business Issues
Affiliated Business 3% Cap on Fees and Points
Broadband Access
Copyright/Trademark
Data Privacy and Security
Electronic Signatures and Authorizations
FCC Do Not Fax Rule
Government Travel Rules
Immigration Reform
Money Laundering/Terrorism Financing
Mortgage Assistance Relief Services (MARS) Rule
Net Neutrality
Patent Litigation Reform
Patriot Act/SDN List
RESPA (Real Estate Settlement Procedures Act)
RESPA Marketing Services Agreements (MSAs)
SBA Loans
Spam Email
TRID (TILA-RESPA Integrated Disclosure)
Telemarketing/Cold-calling
Tort Reform – Class Action
Visa—Investors
Visa—Seasonal Workers
Visa—Tourism and Retirement
Worker Classification (independent contractor v. employee)

Commercial Issues

All Commercial Issues
179-D Energy Efficient Commercial Building Tax Provision
Basel Capital Standards for Banks and Thrifts
Commercial Real Estate Lending
Crowdfunding 
Drones
Forced Access 
Lease Accounting
Mark-to-Market
Real Estate Mortgage Investment Conduits (REMIC)
SBA Loans
Section 1031 Like-Kind Exchange
Tenants in Common

Environmental & Property Rights

Environmental and Property Rights Issues
Clean Water Act
Endangered Species Act 
Eminent Domain and Private Property Rights
Energy Efficiency
Lead Paint
Private Property Rights
Property Assessed Clean Energy (PACE)
Wildfires

Diversity & Fair Housing

Diversity and Fair Housing
Accessibility
Fair Housing Act
Disparate Impact
Marriage Equality & Real Estate

Fair Housing Issues

Federal Housing Issues
Condominiums
FHA Programs (Federal Housing Administration) (includes loan limits)
FHA Lifetime Mortgage Insurance Premiums
Homelessness
Homeownership Education and Counseling
Lender Reluctance to Use FHA
Multifamily Housing Development & Insurance
Rural Housing Programs
Section 8 Voucher Reform
Valuation Issues Update
Veterans Affairs

Federal Tax Issues

Federal Tax Issues
179-D Energy Efficient Commercial Building Tax Provision
Capital Gains
Capital Gains—Carried Interests
Capital Gains Exclusion on Sale of Principal Residence
Depreciation—General
Depreciation—Tenant Improvements
Estate Tax Reform
Independent Contractor
Internet Sales Tax Fairness
Section 1031 Like-Kind Exchange
Mortgage Debt Cancellation Relief
Mortgage Interest Deduction
State and Local Tax Deductions
Tax Reform 

Financial & Credit Issues

Financial and Credit Issues
Affiliated Business 3% Cap on Fees and Points
Basel Capital Standards for Banks and Thrifts
Condominium Approvals
Credit Policy
Financial Regulatory Reform
Government-Sponsored Enterprises
Government-Sponsored Enterprises Guarantee Fees (G-Fees)
Identity Theft Red Flags and Address Discrepancies
Money Laundering/Terrorism Financing
Mortgage Assistance Relief Services (MARS) Rule
Mortgage Loan Limits 
Property Assessed Clean Energy (PACE)
Qualified Mortgage (QM)
Qualified Residential Mortgage (QRM) and Risk Retention
SBA Loans
Seller Financing
Short Sales
Student Loan Debt

Foreclosures

All Advocacy Foreclosure Issues
Foreclosures

Immigration

Immigration Issues
Immigration Reform
Visa—Investors
Visa—Tourism and Retirement
Visa—Seasonal Workers

Insurance

All Insurance Advocacy Issues
Health Care Reform
Insurance-Surplus Lines
National Flood Insurance Program
Natural Disaster Policy
Terrorism Insurance
Tort Reform—Class Action

Real Estate Transtions

Real Estate Transaction Procedures and Fees
Real Estate Settlement Procedures Act (RESPA)
TRID (TILA-RESPA Integrated Disclosure)
Real Estate Transfer Tax
RESPA Marketing Services Agreements (MSAs)

Right of Ownership

Right of Ownership
Eminent Domain and Private Property Rights
Private Property Rights (Transfer of Public Lands)

State & Local Issues

All State & Local Advocacy Issues
Local Short-Term Rental Ordinances
Real Estate Transfer Tax
State and Local Tax Deductions
Sales Taxes on Services
Transportation

Technology

Technology Issues
Broadband Access
Data Privacy and Security
Electronic Signatures and Authorizations
FCC Do Not Fax Rule
Net Neutrality
Patent Litigation Reform
Telemarketing/Cold-calling
Spam Email
Copyright/Trademark

Transportation

All Transportation Advocacy Issues

Got Legal Questions? Get Answers. A Service for DAR Broker/Owners & Other Office Principals