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Update 12/28/2018: NAR Helps Secure FEMA Reversal On New Flood Policies During Shutdown
WASHINGTON (December 26, 2018) – Today, FEMA issued a new opinion disallowing new or renewal flood insurance policies during the partial shutdown of the federal government. Shannon McGahn, Senior Vice President of Government Affairs for the National Association of Realtors®, issued the following in response to FEMA’s ruling.
“Today’s ruling comes contrary to Congressional intent and is in conflict with FEMA’s decision to allow NFIP operations during the 16-day government shutdown in 2013. NAR and its 1.3 million members are extremely disappointed by this abrupt and ill-conceived change of course.
“Last week, Congress passed legislation to fully reauthorize the NFIP through May. However, today’s surprise FEMA ruling jeopardizes tens of thousands of home sales across America, as NAR estimates up to 40,000 closings are disrupted each month that the NFIP cannot issue flood insurance policies. NAR will continue carefully reviewing this ruling and we remain in communication with Congress and FEMA to remedy the situation as quickly as possible.”
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