Public Affairs Update……………………………………….……………February 13, 2019
- Private Flood Insurance Update
- NAR Urges HUD to Release Condo Rules
- EIA Energy Report
- The State of Housing is…
- Pizza & Public Affairs Wednesday March 6, 2019 Noon to 1:00pm at BARA
- In Case You Missed It
Private Flood Insurance Update:
On January 25, 2019, Federal banking regulators released a final regulation clarifying lender acceptance of private flood insurance. Download an unofficial copy of the rule(link is external), which will soon be published in the Federal Register and takes effect on July 1.
The final regulation implements Section 239 of the Biggert-Waters Flood Insurance Reform Act of 2012, which generally requires lenders to accept private flood insurance meeting a strict statutory definition. More specifically:
- Adopts the same definition of private flood insurance as the statute; this definition has been an ongoing source of confusion, particularly for smaller lenders.
- Provides compliance aid for lenders to determine whether a private policy meets the definition and thus must be accepted in satisfaction of federal flood insurance requirements.
- Clarifies that lenders also have broad discretion to accept private policies that don’t meet this strict definition if the lender finds that the policy provides sufficient protection of the mortgage loan consistent with safety and soundness requirements.
Click the link for more information. https://www.nar.realtor/washington-report/private-flood-insurance-update-0 [Source: NAR Update 02-06-2019]
NAR Urges HUD to Release Condo Rules
NAR President John Smaby strongly urged U.S. Department of Housing and Urban Development (HUD) Secretary Carson to release the long-awaited final Federal Housing Administration (FHA) condominium rules. [Source: NAR Update 02-06-2019]
EIA Energy Report:
The U.S. Energy Information Administration (EIA) released its annual National Energy Outlook on January 24. The Outlook provides projections of domestic energy markets through 2050 and includes cases with different assumptions about economic growth, world prices and technological progress.
Key takeaways from the report include:
- The U.S. becomes a net energy exporter in 2020 as a result of large increases in oil and natural gas production, coupled with slow growth in U.S. energy consumption.
- Utilities experience a shift in fuels used to generate electricity, driven by low natural gas prices. Increased natural gas-fired electricity generation, increased use of renewables and additional retirements of coal and nuclear plants occur during this period.
- Increasing energy-efficiency across all industry sectors keeps U.S. energy consumption flat, even as the economy expands.
Click the link for more information. https://www.nar.realtor/washington-report/eia-releases-energy-outlook [Source: NAR Update 02-06-2109]
Pizza & Public Affairs Wednesday March 6, 2019 Noon to 1:00pm at BARA
Guest Speaker: Dr. Donald Haddad, Superintendant, SVVSD
Dr. Haddad will be presenting a comprehensive update on the state of the St. Vrain Valley School District.
Save your seat. RSVP TODAY!
With President Trump giving his State of the Union address to the 116th Congress tonight, we look at how housing has performed and what trends are likely to shape the market this year. Click HERE for the story. [Source: DSNews.com 02-05-2019]
In Case You Missed It
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- Lafayette OKs Nine Mile agreement, signaling path forward for landmark deal with Erie
- Metro Denver’s real estate slowdown spills over into 2019
- Big changes could be on the way for Colorado renters’ applications if this bill becomes a law
Advocacy Agenda: https://www.nar.realtor/political-advocacy/federal-advocacy/2019-advocacy-agenda