The National Flood Insurance Program will continue throughout Sept. 3 and the Terrorism Risk Insurance Program will be reinstated for seven more years.

Congress passed a spending package that will fund the federal government throughout the fiscal year of 2020. In a recently released report regarding this legislation and its predicted effects, the National Association of Realtors President Vince Malta gave his opinion on the matter, stating that “This funding agreement delivers that certainty to NAR’s 1.4 million members and the clients they work hard to serve every day.”

The legislation allows the National Flood Insurance Program (NFIP) to continue throughout September 30, gives numerous tax provisions that will benefit the real estate markets, and reinstated the Terrorism Risk Insurance Program (TRIP) to be in operation for seven more years. As for the tax provisions, the trio that were particularly of interest to the real estate market were the exclusion of forgiven mortgage debt from gross income, the deductibility of premiums for mortgage insurance, and the deduction of the cost of improvements to commercial buildings that make them energy efficient—all of which had previously expired. 

Source: DSNews