On September 30th, 2023, the U.S. Congress managed to dodge a ticking time bomb – a government shutdown. The government secured its funding thanks to a significant push by the National Association of REALTORS® (NAR). Also, it extended the National Flood Insurance Program (NFIP). This was no small feat. Here’s what went down.
Congress was racing against the clock. A government shutdown loomed large, which would have marked the first in nearly five years. The dramatic moment also risked the NFIP’s lapse. The risk of this was too high to ignore.
A concerted advocacy push led by NAR helped secure extensions for essential programs and averting a catastrophic government shutdown.
NAR wasn’t playing around. The organization launched a call to action just the night before the anticipated shutdown. This campaign aimed to rally its 1.5 million-strong member base to bring this crucial issue to Congress.
By the next morning, the nationwide plea had worked, with tens of thousands of REALTORS® stepping up to contact their congressional representatives and spotlight the issue.
Understanding the NFIP’s critical role in the American economy was central to the urgency. The Federal Political Coordinator program by NAR had earlier in the week educated all 535 Congress members on why the NFIP matters so much.
The message was loud and clear: A failure to extend NFIP would have severe consequences, affecting numerous communities and risking thousands of real estate transactions every day.
NAR went the extra mile by releasing an urgent primer illuminating how a government shutdown would impact the real estate economy. Almost one-fifth of the U.S. economy revolves around real estate, and many programs would have been at risk.
It was an eye-opener for many, making it even more essential that the government dodge this shutdown bullet.
While Congress did avert a crisis, this is only a short-term fix. NAR’s Chief Advocacy Officer emphasized that the work isn’t over. The focus now shifts to ensuring that NFIP is reauthorized for a more extended period.
Yes, the immediate crisis was averted, but the rallying cry isn’t over. NAR vows to keep their advocacy efforts active, working tirelessly with Congress to make sure a harmful NFIP lapse doesn’t happen.