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Congress Abandons Critical Housing Programs - Again
Once again, Congress left town without reauthorizing the National Flood Insurance Program (NFIP) and the Section 502 Rural Housing programs. The NFIP is now expired. The Section 502 Rural Housing program has exhausted its funding and lenders have stopped accepting applications.
Until Congress extends NFIP, no new or renewal flood policies can be issued. Without the flood insurance coverage provided by NFIP, thousands of residential and commercial transactions are on hold.
Congress has also abandoned the Section 502 Rural Housing Program. The housing program provides zero-downpayment mortgages to eligible families in rural area of every state. Many of these families signed contracts before April 30th and plan to utilize the homebuyer tax credit. If this program is not restored soon, they will lose their chance.
Regardless of your location, rebuilding our markets in every corner of America is in every Realtor's interest. The Realtor Party must speak with one voice to urge Congress to renew both NFIP and the Rural Housing 502 program today. Please contact Congress today.
Tell me more
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Subject:
Renew Critical Housing Programs: NFIP and RHS
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Dear [ Decision Maker ],
Congress left for the Memorial Day recess, leaving two critical housing programs unauthorized or unfunded. On May 31, authority for the National Flood Insurance Program (NFIP) expired. Lenders have stopped accepting applications for the Section 502 rural housing program, which has exhausted its funding.
Until Congress returns and extends these programs, worthy homebuyers will be left without access to mortgages. Given the many challenges financial and real estate markets are facing, now is not the time to create another, but avoidable, obstacle to real estate transactions. Please do not let this continue.
As a Realtor, I understand the importance of these programs to every region of the nation. A real estate recovery can't survive the uncertainty created by Congressional inaction.
Rural families in every state in the nation rely on the Section 502 single family guarantee program to allow them to repair, renovate and purchase homes, as well as prepare sites with water and sewage facilities.
Today, property owners in every state depend on these programs. Each day the Congress fails to act, thousands of real estate transactions will be delayed and homebuyers and homeowners will be left in the lurch. Upon your return, Congress must swiftly take the necessary steps to ensure the continuation of these critical and essential insurance programs.
Sincerely,
[Your name]
[Your address]
