As Congress works with President Donald Trump to avoid a partial federal government shutdown, the National Association of REALTORS® (NAR) is cautioning members about potential problems for their real estate businesses.
Should a partial shutdown occur, three areas of concern are:
- the availability of federal flood insurance through the National Flood Insurance Program (NFIP);
- processing delays in Federal Housing Administration (FHA)-backed mortgages; and
- service delays through the Internal Revenue Service (IRS).
Since the NFIP expires at midnight tonight, the NFIP won’t be able to renew or sell policies, though existing policies will stay in effect until their expiration dates, the NAR says. Get more information.
Non-essential employees could be furloughed at the FHA and the IRS if a shutdown occurs, the NAR reports. But some other government services could be affected. The NAR offers guidance.