Currently representing over 125,000 units in the Tampa Bay Area, the Bay Area Apartment Association is a non-profit trade association serving the interests of the rental housing industry.
THREE ASSOCIATIONS. ONE MEMBERSHIP.
Greg Brown, Senior Vice President – Government Affairs for the National Apartment Association, has provided an update on one of the top issues NAA and the National Multifamily Housing Council (NMHC) worked on in 2013 and 2014 – reauthorizing the Terrorism Risk Insurance Act (TRIA). As some of you may know, Congress failed to reauthorize TRIA before adjourning for the year. So, the program will expire on 12/31/14. Below is a piece drafted by our partners at NMHC that contains additional detail.
Please share any “intelligence” you receive if you are contacted by insurers or lenders in regards to the expiration of TRIA.
Congress Goes Home Without Renewing Terrorism Insurance
On December 16, the 113th Congress adjourned leaving one critical piece of business undone – the reauthorization of the Terrorism Risk Insurance Act (TRIA). The Senate was unable to overcome the objections of Senator Tom Coburn (R-OK) who placed a “hold” on the bill because of a non-TRIA provision and all efforts to negotiate a deal were rejected, leaving TRIA to expire on December 31.