WASHINGTON, DC -- The National Association of Realtors(R), in a statement submitted to the House Financial Services Committee, commended the committee for focusing on federal response to Hurricanes Katrina and Rita and for renewing an important discussion on national natural disaster preparedness.
Today, in a hearing on the federal housing response to Hurricane Katrina, NAR wrote, "We believe the federal government must implement a standardized, coordinated plan that can become operational immediately in the event of a natural disaster." NAR offered several suggestions including better utilization of HUD-owned homes, which should be readily available to house victims.
NAR encouraged Congress to "develop a highly coordinated system for prevention and remedial assistance," rather then having to spend millions of taxpayers' dollars after the fact.
Reforms to the National Flood Insurance Program are needed and can help save the federal government millions of dollars by enabling property owners to purchase insurance protection against flood losses in exchange for state and community floodplain management regulations. In addition, NAR noted that Congress must insist that NFIP abide by the changes that were implemented with the 2004 Flood Insurance Reform Act. The purpose of the law is to improve the financial soundness of the NFIP by shifting more of the burden of recovery costs to property owners who choose to remain vulnerable to repetitive flood damage.
NAR also urged Congress to ensure adequate funding for FEMA's map modernization program. That funding will allow the project to proceed and to ensure that the flood maps are accurate. Flood maps play many important roles, including helping communities develop flood management strategies and implementation of more effective land use.
The creation of a comprehensive natural disaster policy that includes natural disaster insurance is another important program that NAR is advocating. According to NAR, "The inability to obtain affordable homeowner's insurance is a serious threat to the residential real estate market, and thus, our overall economy." NAR supports the creation of a federal natural disaster program that will prevent future disruptions in insurance markets and promote available and affordable homeowner's insurance in disaster-prone areas.
"Realtors(R) have done a lot for the victims in the Gulf Coast. We've provided shelter, raised money, built homes and opened doors. We look forward to working with Congress to implement plans that will help minimize future danger and damage to people living in areas that are prone to natural disasters. After all, Realtors(R) are all about building communities," said Pat Vredevoogd Combs, NAR president.
The National Association of Realtors(R), "The Voice for Real Estate," is America's largest trade association, representing more than 1.3 million members involved in all aspects of residential and commercial real estate industries.
Information about NAR is available at http://www.realtors.org/. This and other news releases are posted on the Web site's "News media" section in the NAR Media Center.
First Call Analyst:
FCMN Contact:
Source: National Association of Realtors
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CONTACT: Mary Trupo of the National Association of Realtors,
+1-202-383-1007, mtrupo@realtors.org
Web site: http://www.realtors.
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