Public Affairs Update

Public Affairs Update……………………………………………………………..July 26, 2017


  • Commercial NFIP Priorities Sent to Senate
  • Final Rule Amend TRID is Released
  • NAR Comments on Energy Regulations
  • Health Agency Request for Information
  • Sign up to receive the new City Council Newsletter
  • In Case You Missed It


Commercial NFIP Priorities Sent to Senate

On July 14, NAR, in coalition with other commercial real estate trade groups, sent a letter to the Senate Committee on Banking, Housing, & Urban Affairs, providing them with a list of ways the National Flood Insurance Program (NFIP) can be improved to be more responsive and effective for commercial real estate.  The Senate Banking Committee is currently working on drafting reauthorizing legislation for the NFIP, which is set to expire on September 30. 


The letter asks for six things:


·         Maintain the commercial "opt-out" provision, as passed by the House     Financial services Committee, in Senate legislation;

·         Include optional business interruption coverage;

·         Allow for multiple structures to be covered under a single policy;

·         Help FEMA develop more accurate mapping;

·         Develop more effective pre-flood mitigation options for commercial real estate; and 

·         Allow for replacement cost value, instead of actual cash value, for commercial and multifamily structures.


NAR has been actively working with both the House and Senate as they work to draft legislation reauthorizing this important program before it expires, and will continue to communicate to them our priorities as the process moves forward. 

Read the Coalition Letter [Source: NAR Update 07/17/2017]


Final Rule Amending TRID Is Released
As advocated for by NAR, the final rule clarifies the ability to share the closing disclosure with third parties. Find out why this is a victory for real estate professionals nationwide. [Source: NAR Update 07-20-2017]


NAR Comments on Energy Regulations

NAR submitted comments on the most burdensome regulations issued by the Department of Energy.  In response to a request for information on burdensome regulations, NAR, in its letter, outlined the regulatory burdens posed to the real estate sector by the Home Energy Performance Score and the Property Assessed Clean Energy Program.


NAR welcomes the opportunity to promote effective, voluntary energy efficiency practices among property owners throughout the country. The association will continue to work with NAR members, property owners and all interested parties to educate homeowners on the benefits of energy efficiency and the opportunities that currently exist to make environmentally responsible choices and save money on their utility bills. Read the Coalition Letter [Source: NAR Update 07-17-2017]


Health Care Agency Request for Information

NAR commented on a Center for Medicare & Medicaid Services (CMS) Request for Information regarding the regulatory environment surrounding the individual and small group health insurance markets. A division of the Department of Health and Human Services, CMS was provided useful evidence on NAR’s unique self-employed and small business membership and associated health care priorities. The letter stresses the need for affordable quality health insurance options in the individual insurance market; protections for preexisting conditions and preventive health and chronic disease management services;guaranteed availability of coverage; easy access to preferred providers; and against discrimination based on age. Each of these factors are of particular concern to NAR given the make-up of NAR’s membership. NAR will continue monitoring and protecting member interests in individual and small group market health care reform initiatives. Read NAR's Letter [Source: NAR Update 07-17-2017]


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In Case You Missed It