Ohio REALTORS join relief effort to help Texas; seek extension of National Flood Insurance Program
On August 30, 2017
By Ohio REALTORS President Pete Kopf
The Ohio REALTOR community stands united with our industry peers from across our nation in providing support to those affected by devastation and unfolding tragedy in Texas. At its meeting on Aug. 28, your Executive Committee voted unanimously to make a financial contribution to the REALTOR Relief Foundation, a collaborative outreach of the National Association of REALTORS to harness the collective power of the nation’s 1.2 million REALTOR members to make a positive difference on those affected by this natural disaster.
Further, we urge all Ohio REALTORS interested in making an individual donation to click here.
Finally, know that while a financial donation is critically vital in assisting those in need…the industry is also actively advocating to ensure that the National Flood Insurance Program does not expire on Sept. 30, 2017. Without Congressional action, the program will lapse adding confusion and uncertainty for current and future NFIP policyholders. The current NAR Call for Action asks REALTORS to contact their member of Congress and urge passage of HR 2874, the 21st Century Flood Reform Act.
Why NAR Supports the 21st Century Flood Reform Act:
- Extends NFIP for 5 years
- Preserves the practice of grandfathering for remapped property owners who build to code
- The bill would enable repetitive loss property, if an owner mitigates to code, to grandfather
- Limits rate increases to no more than 15 percent per year with a new ceiling of $10,000 maximum
- Authorizes $1 billion in pre-flood mitigation assistance grants to elevate, flood proof, buyout or mitigate high risk properties
- Addresses issues with repeatedly flooding properties that account for 2 percent of NFIP policies but 25 percent of the claim payments over the history of the program
Additional details on the legislation are available at NFIP FAQ or copy and paste this URL into your browser: http://narfocus.com/billdatabase/clientfiles/172/9/2964.pdf
Tags: Association news, politics