C
ongress passed a last-minute spending measure, averting a government shutdown and extending the National Flood Insurance Program (NFIP) through March 14. This is the 32nd short-term extension since 2017, and NAR applauds continued support for flood insurance while urging a long-term solution.

    A lapse in NFIP could have impacted up to 1,300 home sales daily, according to research from the National Association of REALTORS. The spending measure also includes funding for disaster relief and farm aid programs. In a statement, NAR President Kevin Sears thanked Congress for supporting the NFIP but emphasized the need for a long-term solution.

    The association is pleased that this Congress included $12 billion for HUD's Community Development Block Grant Program directed towards disaster relief. A government shutdown had seemed likely earlier in the week, prompting NAR's advocacy team to work behind the scenes to secure an extension of the NFIP. The association sent letters and memos to Congress highlighting the importance of extending funding for housing programs.

    NAR released FAQs on the impact of an NFIP lapse on real estate closings and created a memo explaining how a government shutdown affects federal housing programs. As the 118th Congress nears its end, NAR looks forward to working with the new Congress to make long-term reauthorization and reform a priority.