National Flood Insurance Program (NFIP)
MBA supports long-term and uninterrupted reauthorization of the National Flood Insurance Program (NFIP), revisions to better align the NFIP with commercial real estate finance practices, and operational guidance that facilitates compliance with mandatory flood insurance purchase requirements.
Flood insurance is mandatory for any property located in a high-risk area with a mortgage from a federally backed or federally regulated lender. A long-term 7-10-year authorization of the National Flood Insurance Program (NFIP) is vital to provide needed certainty to homeowners and small businesses that depend on the program for flood damage protection, to protect our residential and commercial real estate markets and to provide stability for the companies and agents that sell and administer the NFIP policies to millions of consumers across the country. To ensure a stable, affordable and sustainable flood insurance market, a private market for flood insurance must be allowed and encouraged to develop. The NFIP should receive a long-term reauthorized and be reformed to better address commercial and multifamily lending. In addition, the NFIP should be revised to reflect the impact of climate change on the risk of flooding and mudslides.
MBA also believes that flood insurance regulations and Q&As should accurately reflect underlying statutory authority and should reflect operational practicalities.
Recent MBA Activity Related to the National Flood Insurance Program (NFIP)
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MBA Joint Letter on NFIP Proposed Dwelling Form Changes
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MBA Comment Letter on the American Privacy Rights Act of 2024 (“APRA”) Markup
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MBA Letter on H.R. 1321, the More Homes on the Market Act
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MBA Letter to HUD on FHA 203(k) Rehabilitation Mortgage Insurance Program
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MBA Comment Letter on Rural Housing Service’s Proposed Insurance Regulation
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MBA Joint Letter to House and Senate Leadership on Averting Shutdown, Reauthorizing NFIP
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MBA Joint Letter on Extending the NFIP
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MBA Statement for the Record for Senate Banking Committee Hearing on Flood Insurance
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Joint Trades Letter on National Flood Insurance Program Reauthorization
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Joint Letter on the National Flood Insurance Program Authorization
Related MBA Events
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Analyzing the Commercial/Multifamily Borrower’s Balance Sheet and REO Schedule
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Affordable Housing Insights: Understanding Consumers, Buyers, and Uses of Accessory Dwelling Units
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School of Multifamily Property Inspections: September 2024: Washington D.C.
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Commercial Real Estate Basics: Borrower Mortgage Credit and Financial Statement Analysis: September 2024
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Finding Opportunities with Distressed CRE in 2024