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June 14, 2010 04:37 PM
Representative Thomas Price
U.S. House of Representatives
424 Cannon House Office Building
Washington, DC 20515-0001
Subject: Renew Critical Housing Programs: NFIP and RHS
Dear Representative Price,
Congress left for the Memorial Day recess, leaving two critical housing programs unauthorized or unfunded. On May 31, authority for the National Flood Insurance Program (NFIP) expired. Lenders have stopped accepting applications for the Section 502 rural housing program, which has exhausted its funding.
Until Congress returns and extends these programs, worthy homebuyers will be left without access to mortgages. Given the many challenges financial and real estate markets are facing, now is not the time to create another, but avoidable, obstacle to real estate transactions. Please do not let this continue.
As a Realtor, I understand the importance of these programs to every region of the nation. A real estate recovery can’t survive the uncertainty created by Congressional inaction.
Rural families in every state in the nation rely on the Section 502 single family guarantee program to allow them to repair, renovate and purchase homes, as well as prepare sites with water and sewage facilities.
Today, property owners in every state depend on these programs. Each day the Congress fails to act, thousands of real estate transactions will be delayed and homebuyers and homeowners will be left in the lurch. Upon your return, Congress must swiftly take the necessary steps to ensure the continuation of these critical and essential insurance programs.
Sincerely,
Ken Cook
2300 Windy Ridge Pkwy
Ste. 840N
Atlanta, Georgia 30339
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— Ken Cook NMLS ID 208452
I am trying to close on a new home and it is federally required that I have flood insurance because congress mandated that lenders who lend to people in a flood risk area must have flood insurance. My property is in ft lauderdale. Aparently there is no flood insurance available because the govt fell asleep at the wheel again or was too busy spending our money. I cant close because something that is now mandated by the govt isnt available because of the govt. Im thinking a huge class action lawsuit against the federal govt. just what the economy needs. People who are trying to buy houses cant just stagnating the economy even more. This administration is a JOKE