2 minute read
Government Affairs
Local School Referendum; Florida Insurance Premium Increases; Congressional Spending Bill Impact on Housing
By: Max Brandow, RASM Vice President of Advocacy and Member Programs
Last month, the voters in Sarasota showed up in a big way to support the community and the school district.
RASM-SUPPORTED SARASOTA COUNTY SCHOOL REFERENDUM PASSES WITH FLYING COLORS
The $1.5 trillion bipartisan package keeps the government running through September 30 and includes money for priorities the National Association of Realtors® (NAR) supports, such as housing programs, rural broadband and surface transportation projects. The bill also reauthorizes the National Flood Insurance Program (NFIP).
Since last October, the government has relied on a series of short-term funding extensions while Congress worked toward a long-term deal. Some highlights of NAR priorities in the bill include:
Flood Insurance: Extends the NFIP through Sept. 30 and provides significant funding for communities to respond to and mitigate the impacts of future disasters, with $276 million for flood mapping. Broadband: Includes more than $550 million to expand rural broadband services on top of broadband funding included in the American
Rescue Plan and bipartisan infrastructure bill last year. Fair Housing: Contains $85 million for fair housing activities, including the Department of
Housing and Urban Development’s Fair Housing
Initiatives Program, Fair Housing Assistance
Program, and National Fair Housing Training
Academy. Violence Against Women Act: Reauthorizes this legislation and establishes the Violence Prevention Office at HUD. NAR was part of the original group of housing industry supporters that helped craft the housing provisions of the bill. Transportation: Provides the remaining funding to implement programs and spending in the
Bipartisan Infrastructure Framework, which passed in November.
Voters in Sarasota County approved a renewal of the school millage referendum by nearly 85%! This is a resounding win for our community and school district. These school funds go towards teacher salaries, technology funding, and teaching materials.
RASM supported the school referendum, as we have in the past, because good schools make great neighborhoods, which makes for a great real estate market.
FLORIDA HOMEOWNERS BEAR BRUNT OF FAILED INSURANCE COMPANIES
Recently, the Florida Insurance Guaranty Association (FIGA) approved an increase of 1.3% on the premiums of all policies sold in Florida. This includes homeowners, aircraft, crops, flood and malpractice insurance policies.
FIGA was created decades ago by the Florida State Legislature to handle insolvent property claims and casualty companies. FIGA pays the costs of any litigation and claims before failing insurance companies’ policies are taken over by other companies.
An additional assessment was also levied by FIGA less than six months ago.
NEW SPENDING BILL IN CONGRESS AND THE IMPACT ON HOUSING
Congress passed a long-awaited bill last month to fund the government through the remainder of the fiscal year, sending it to President Joe Biden for his signature.
1 | Source: Florida REALTORS®
