With Congress in summer recess and our representatives back in their home districts, REALTORS® around the South Bay and South Los Angeles took the opportunity to meet with Congresswoman Maxine Waters, a long-time friend of the REALTOR® community.
At a luncheon hosted at the South Bay Association of REALTORS®, Waters met with members from SBAOR as well as the Beverly Hills/Greater Los Angeles Association of REALTORS®, Rancho Southeast Association of REALTORS® and the Southwest Los Angeles Association of REALTORS®. Maxine Waters and her NAR Federal Political Coordinator, REALTOR® Evelyn Arnold, led a wide-ranging discussion on topics of great interest to real estate as well as larger issues in the federal government and the current state of politics.
The discussion focused for some time on the urgent need for Congress to reauthorize the National Flood Insurance Program (NFIP) which expires at the end of September 2017. If NFIP expires without further action from Congress, then more than 1,300 transactions across the U.S. could fail every single day.
Congresswoman Waters noted how important it is to reauthorize NFIP because “the housing market suffers tremendously when flood insurance is unavailable” and that “the lack of flood insurance can wreak havoc on local communities.”
The meeting also covered tax reform, which has been looming in Congress ever since the current Administration took office in early 2017. While the prognosis for tax reform remains unclear, it is nonetheless quite clear that the mortgage interest deduction must be preserved.
“Housing is the cornerstone for our entire economy,” noted Waters.