Also on June 30, the Senate passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), extending it until September 30, 2010. This retroactive bill will allow transactions to move forward and covers the lapse period from June 1, 2010 to the date of enactment of the extension.
"This is great news for home buyers and sellers who live in flood-prone areas and the REALTORS® who work with them," said C.A.R. Past-President Mike Golden, co-founder of @properties. "Especially in the suburbs, where there tend to be more floodplains, this extends critical insurance coverage opportunities to people who might otherwise not be able to obtain it. I applaud this legislation."
** As reported by the Chicago Association of Realtors
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