Yesterday, Tuesday, December 17th, the U.S. House of Representatives passed a federal spending package for fiscal year 2020 that includes several high-priority items for REALTORS. These included: reauthorization of the National Flood Insurance Program through Sept. 30; an extension of several tax provisions important to real estate markets, such as mortgage debt forgiveness; and a seven-year reauthorization of the Terrorism Risk Insurance Program, a particularly significant victory for commercial real estate practitioners.
The spending package now goes to the Senate for approval, and President Trump is expected to sign the bills by the end of the week.
