Bipartisan Deal Reached to Delay Flood Insurance Premium Hikes

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The following is a statement by National Association of Realtors® President Gary Thomas:

 

“The bipartisan ‘Homeowner Flood Insurance Affordability Act’ introduced today in the Senate by Sens. Robert Mendendez, D-N.J.; Johnny Isakson, R-Ga.; and Mary Landrieu, D-La., and in the House by Reps. Michael Grimm, R-N.Y., and Maxine Waters, D-Calif., will help millions of homeowners who are facing sudden and extreme increases in flood insurance premiums, which are an unintended consequence of legislation to reform the National Flood Insurance Program.

 

“The bill takes the crucial first step toward delaying further implementation of some rate increases in the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12). This will allow the Federal Emergency Management Agency to complete an affordability study that was mandated by BW-12; propose targeted regulations to address any affordability issues found in the study; and give Congress adequate time to review those regulations.

 

“NAR is grateful that Congress provided a 5-year reauthorization of the NFIP through BW-12, which ended program shutdowns that cost up to 40,000 home sales each month. NAR strongly supported the long-term reauthorization of the program to provide certainty in real estate markets where flood insurance is required to obtain a mortgage.

 

“Unfortunately, implementation of the new rate structures in BW-12 has caused serious confusion and hardship for some property owners. FEMA’s continued delays and missed deadlines, in combination with the legally required transition to true-risk rates, has been a recipe for disaster.

 

“NAR supports the ‘Homeowner Flood Insurance Affordability Act,’ and urge its immediate consideration. We look forward to continuing our work with Congress to protect homeowners and taxpayers and create a responsible and sustainable flood program.”

 

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

 

 

 

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About padreeliteteam

Alta Monroe, Gayle Hood, Jules Wilk & Laurie Howell are a full-time professional and dynamic team known as the Padre Elite Team with RE/MAX 1st Choice in South Padre Island. Quality service for their clients is their number one priority. To them, it is about the client's needs and protecting their interests. Finding just the right property for their buyers or helping their sellers get their property SOLD is their goal. Helping clients step through the complicated process of buying or selling a property to a smooth closing is essential to them. A personal Bio on each of the team agents is posted on their website at www.PadreEliteTeam.com. The South Padre Island real estate industry is changing faster than ever these days. With the changes in the economy, there are new challenges with buyers, sellers, foreclosures, short sales, Internet marketing, our education, increases in inventories, changes in comparable sales, and frustrating politics. Alta, Gayle, Laurie, and Jules strive to stay on top of all of these changes and to keep in touch with their clients. Alta, Gayle, Jules & Laurie all hold designations they have acquired through eduction. These designations include CLHMS, CRS, GRI, RSPS, CPN, ePRO, SFR and RSPS. Gayle and Jules both hold the CLHMS (Certified Luxury Home Marketing Specialist) designation and they are the ONLY agents in the entire Rio Grande Valley that are members of the Institute of Luxury Home Marketing. This better qualifies them to share their specialized expertise with a luxury home seller or buyer. Making sure the buyer and the seller are represented correctly is a priority for this team. Investing in TREPAC (Texas Real Estate Political Action Committee) is important to this team since TREPAC has proven to be a major force in Texas by lobbying for Realtors and property rights for the consumer. For many years, the Padre Elite Team has been a major investor in TREPAC. Alta and Gayle have attended the National Association of Realtors Mid-Year Conference in Washington, D.C. often. The conference is primarily for Realtors that are Board directors or executives. It is a great way to stay on top of the current issues facing Realtors and homeowners in our country. They get to meet with their Senators and Congressmen to express their concerns. Last year they were invited to attend the Realtor PAC President’s Circle Conference in New York where they heard many famous guest speakers regarding current real estate issues. The Padre Elite Team also attends the RE/MAX International Conference each year to acquire more education and to keep up with the latest technology available to Realtors in the Marketplace. They have received numerous awards for being Top Producers in the real estate industry. Education is a priority for this entire team including their assistant, Grace. The GOOD news is that 2012, 2013, 2014 and now 2015 proved to be better each year for real estate sales in South Padre Island and the surrounding areas of Port Isabel, Laguna Vista/South Padre Island Golf Community, and Bayview. The real estate market is showing an increase in the number of sales and a leveling of values. Now that the market has hit the bottom, investors are finding that real estate is a great place to invest their money. It is still a buyer's market and a great time to buy. Alta, Gayle, Jules & Laurie all agree that it has been such a pleasure to live & work in a resort area such as South Padre Island. A hundred of your closest friends and family will visit when you live near the beach! Clients are always encouraged to contact them. For more information about this team and to view their blog, visit www.PadreEliteTeam.com.
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