Flooding, housing discussions at D.C. conference

Reforms to housing programs and flood insurance were two items discussed at the 2016 Realtor Legislative Meetings and Trade Expo in Washington, D.C. earlier this month.

Nearly 8,900 Realtors attended the expo and brought issues to their legislators, including Coeur d'Alene Association of Realtors executive officer Ali Taylor.

"I think it was a fantastic opportunity for us to sit in our congressmen's office and share our concerns," Taylor said Tuesday. "We also got to thank them for the issues they have worked on and how they have worked to protect property owners."

Taylor said Idaho Realtors spent time with Idaho Sen. Jim Risch, U.S. Sen. Mike Crapo and U.S. Congressman Mike Simpson discussing H.R. 3700 — the "Housing Opportunity through Modernization Act" — and H.R. 2901, which is the "Flood Insurance Market Parity and Modernization Act." Both unanimously passed in the House of Representatives, but still need to be brought before the Senate.

H.R. 3700 brings reform to the Federal Housing Administration (FHA) condominium loan program, federal assisted housing programs and Rural Housing Service loan programs. According to a press release from the Idaho Realtors, many first-time home buyers consider condominiums as a more affordable purchase. FHA lending rules restrict the number of condos available to FHA home buyers, meaning their options are limited.

Through H.R. 3700, more families would be able to buy condos; reforms to federally assisted housing programs will make things easier for landlords and better for residents.

"That's a really big deal," Taylor said. "This new condo reform program will help them get into a condo that wouldn't have been available to them previously."

Regarding H.R. 2901, federal law requires that property owners with federally related mortgages buy and maintain a minimum amount of flood insurance for properties located in "special flood hazard" areas. Taylor said an example in North Idaho is the flood plains of Cataldo.

Presently, property owners may not satisfy the required "continuous coverage" with private market alternatives to the National Flood Insurance Program. If they leave the NFIP for a private market option, they could face jeopardizing their grandfathered status and face potential rate increases should they return to the NFIP.

If H.R. 2901 passes in the Senate, those property owners will have more options regarding a flood plan and insurance, Taylor said.

She said attending the expo was "an eye-opener and an enlightenment" because Idaho legislators already knew of the Realtors' concerns before they even arrived.

"It’s nice that we get to go and be on top of the issues that affect property owners," she said. "We’re paying attention and we are caring. We’re sharing our voice where it’s needed."