|Good afternoon: |
If you’ve been following the news from DC, you know that if Congress is unable to agree on the provisions of a Continuing Resolution (CR) to fund the federal government by September 30, 2023, the result will be a partial shutdown of some government operations. This partial shutdown will include some federal housing, mortgage, and other programs of interest to the real estate industry. Essential services, such as the post office, will continue to run. We want to make sure REALTORS® are aware of the potential impact on their work and can be as prepared as possible, so NAR’s Advocacy Group has prepared the attached summary of the impact on selected agencies. It has also been posted to NAR’s Advocacy Page here – “What a Government Shutdown Means for REALTORS.”
While this is a very politically dynamic event, NAR staff will continue to monitor federal agencies and work with Congress, the Administration, and other groups to assess ongoing impacts to NAR members and their businesses. Updates will be made to the summary as agencies release new contingency plans and details about their operations. Additionally, NAR has launched a targeted “Call For Action” for Federal Political Coordinators (FPCs) to specifically ask their Members of Congress to reauthorize the National Flood Insurance Program (NFIP) immediately and separately from the CR. Currently the NFIP’s reauthorization is tied to the budget, so if Congress fails to pass a CR by the 30th the program will lapse, resulting in huge disruption to real estate transactions in flood zones. Please check back to that site for updates; if you have any questions about a specific agency or program, the NAR staff contact for each is listed on the document, please contact them if you need further assistance or information! – Erin Stackley
Erin K. Stackley, Esq.
Senior Policy Representative, Commercial Issues
National Association of REALTORS® I Washington, DC