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12/26/2018

Statement from NAHB Chairman Randy Noel on FEMA's Refusal to Renew Flood Insurance

WASHINGTON, Dec. 26 - Randy Noel, chairman of the National Association of Home Builders (NAHB) and a custom home builder from LaPlace, La., today issued the following statement after the Federal Emergency Management Agency (FEMA) declined to issue new flood insurance policies as a result of the partial federal government shutdown:
 
"The nation's home builders are deeply disappointed that FEMA has chosen to ignore the will of Congress to keep the National Flood Insurance Program (NFIP) fully funded through May 31, 2019. By refusing to renew or sell flood insurance policies as a result of the federal shutdown, FEMA is not only thwarting congressional intent, but also hurting countless home owners across the nation who reside in flood-prone areas and rely on the NFIP to protect their properties against the risk of flooding.
 
"FEMA's short-sighted action threatens to wreak havoc in many real estate markets from coast-to-coast at a time when the nation is already struggling through a housing affordability crisis. We strongly urge FEMA to rethink this ill-advised action and abide by the will of Congress by moving to immediately allow new flood insurance policies to be written and renew existing policies for the duration of the government shutdown. A failure to act responsibly will have devastating consequences for the housing market."
 
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ABOUT NAHB: The National Association of Home Builders is a Washington-based trade association representing more than 140,000 members involved in home building, remodeling, multifamily construction, property management, subcontracting, design, housing finance, building product manufacturing and other aspects of residential and light commercial construction. NAHB is affiliated with 700 state and local home builders associations around the country. NAHB's builder members will construct about 80 percent of the new housing units projected for this year.

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