real estate briefs

Insurance

The U.S. House approves flood insurance reform bill

The U.S. House of Representatives approved a flood insurance reform bill that would reauthorize the National Flood Insurance Program to Sept. 30, 2015, a provision supported by the National Association of Realtors.

Passage of H.R. 5114, the Flood Insurance Reform Priorities Act, would strengthen the NFIP and bring certainty to many real estate markets that are much in need, NAR said, and commended Rep. Maxine Waters (D-Calif.) for marshalling the bill through House passage. The bill now heads to the U.S. Senate where the prospects of passage are not clear.

Tax credit

Congress passes bill to extend homebuyer tax credit

The National Association of Realtors commended the U.S. Congress for passage of the bill to extend the home buyer tax credit closing deadline. The bill, strongly supported by NAR, had cleared the U.S. House of Representatives earlier this year and was passed by the U.S. Senate. The bill now heads to the president for his signature.