June 17, 2010

National Flood Insurance Program Update

We are all eager to hear anything we can from Washington about the extension of the Flood Insurance Program (NFIP) but Congress is moving at a snail’s pace.  The NFIP extension is part of a much larger “extenders” package so there is plenty of controversy with various provisions. 

 
The big problem right now is getting 60 votes on the extenders bill and Senate leaders are offering a third compromise as we speak in an effort to get those 60 votes necessary for passage.  We should probably not expect a Senate vote until Friday and then the bill will have to go back to the US House for a vote.  It is looking more and more likely that the House vote and then the President’s signature won’t come until early next week.  Very frustrating!

 
In VERY good news, an amendment was added to the package to extend the First Time Homebuyer Tax Credit to those who were qualified and were under contract as of April 30th but haven’t been able to close yet (obviously many buyers are involved in short sales that are taking longer than expected and others can’t close because of the lapse in flood insurance).  With this Senate amendment the tax credit would be extended from June 30 to September 30, 2010 (but again, only for those who were under contract by April 30, 2010, not for new buyers entering the market today).
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