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On Wednesday, the Federal Emergency Management Agency (FEMA) announced it will not allow new or renewal flood insurance policies to be issued during the partial federal government shutdown, just days after Congress passed legislation to extend the National Flood Insurance Program through May.
“Today’s ruling comes contrary to Congressional intent and is in conflict with FEMA’s decision to allow NFIP operations during the 16-day government shutdown in 2013. NAR and its 1.3 million members are extremely disappointed by this abrupt and ill-conceived change of course,” said Shannon McGahn, senior vice president of government affairs for the NAR.
“Last week, Congress passed legislation to fully reauthorize the NFIP through May. However, today’s surprise FEMA ruling jeopardizes tens of thousands of home sales across America, as NAR estimates up to 40,000 closings are disrupted each month that the NFIP cannot issue flood insurance policies. NAR will continue carefully reviewing this ruling and we remain in communication with Congress and FEMA to remedy the situation as quickly as possible.”
