SOURCE: National Association of Realtors

National Association of Realtors

June 23, 2010 16:14 ET

NAR Hails Passage of Flood Bill Extension by House

WASHINGTON, DC--(Marketwire - June 23, 2010) -  A bill to extend the authority for the National Flood Insurance Program, strongly supported by the National Association of Realtors®, was passed by the House today. The bill would extend the program to September 30, 2010.

"We greatly appreciate that the members of House were sensitive to the plight of thousands of homebuyers whose loans were being held up since this program expired earlier this year. The passage of H.R. 5569 is a first step toward helping homebuyers to the closing table. We strongly urge the Senate to speed passage of this important bill," said NAR President Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz.

Lenders have refused to close loans on properties that required flood insurance, since the insurance program expired May 31. The bill would make flood insurance coverage retroactive and would include all approved applications since that date. The bill now goes to the Senate for consideration.

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at This and other news releases are posted in the News Media section. 

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS®. All REALTORS® are members of NAR.

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