MBA Statement on House Passage of NFIP Reauthorization
|Rob Van Raaphorst|
|(202) 557- 2799|
WASHINGTON, D.C. (November 14, 2017) - David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA), release the following statement praising the House of Representatives for passing H.R. 2874, the 21st Century Flood Reform Act:
"I want to commend the House of Representatives for passing H.R. 2874 which will reauthorize the National Flood Insurance Program. This long term reauthorization will provide certainty to homeowners and businesses that depend on the program for flood damage protection. Additionally, this legislation contains important provisions related to the clarification and expansion of the private flood insurance market. Finally, we are glad to see the exemption for large commercial and certain multifamily properties from the mandatory purchase requirements of the NFIP, effective January 2019. MBA now urges the Senate to finalize its ongoing flood insurance negotiations and act before the December 8th expiration of the temporary NFIP extension."