The Senate passed an extension of the federal flood insurance program until Sept. 30. The change is retroactive to June 1, when the program had lapsed.
Federal law requires that anyone purchasing property in a flood zone have flood insurance in place before closing, the expiration of NFIP prevented countless home purchases and sales in South Florida and the rest of the USA from moving forward.
Another important home tax credit extension was also passed as part of the same bill. Without an extension of the program tonight, first-time homebuyers would also have been prevented from closing on homes and taking advantage of the $8,000 First-Time Homebuyers Tax Credit which was set to expire on July 1st, 2010.
This news update was brought to you by Fort Lauderdale Real Estate Agents Eileen Kedersha and William Kedersha located in “The Venice of America”, Fort Lauderdale is the Boating Capital of the World. Check out our web site, you will find valuable Buyer and Seller information. Daily updated Fort Lauderdale Home and Condo Listings. Fort Lauderdale’s largest and most complete condo directory with listings in Le Club International | L’Hermitage | Europa By The Sea | Las Olas Beach Club. Foreclosure properties including Short Sale and bank owned REO homes. www.ekluxuryhomes.com
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