President Barack Obama signed the Terrorism Risk Insurance Act law on Jan. 12. The action renews the program created in response to the Sept. 11, 2001, attacks for six years.
Congress voted the previous week to renew the Act, which expired on Dec. 31, after former Sen. Tom Coburn, R-OK, who had blocked its passage, retired.
Supporters, including the National Association of Realtors (NAR), had said that without the act, organizations that build large commercial buildings could be at risk. The program provides a federal insurance backstop for owners of skyscrapers, sports stadiums, shopping malls and other large venues that could be targets for terrorism.
“Without TRIA, many property owners with existing commercial mortgage balances that require terrorism insurance would be in technical default of their mortgage terms,” according to a statement from NAR. “The bill provides commercial property owners with sustained and affordable access to terrorism insurance, which is required by commercial mortgage-backed securities.”
(http://www.reuters.com/article/2015/01/13/us-usa-congress-insurance-idUSKBN0KL22T20150113)
Related Stories
Green | Apr 3, 2015
Georgia may ban use of LEED on state buildings
Georgia's state legislature is considering a measure to require all state buildings to only use green building standards that permit the use of Georgia's lumber.
Codes and Standards | Mar 29, 2015
Elevator shafts a major source of heat loss in New York City
A typical New York apartment building loses thousands of dollars worth of energy every year from leaky elevator shafts that vent warm air at the top of the building and draw in cold air at the bottom, according to a new Urban Green Council report.
Green | Mar 22, 2015
6 myths holding back green building
Sustainable design has proven benefits, so why isn’t it more widely adopted?
Multifamily Housing | Mar 16, 2015
New Jersey Supreme Court puts control of affordable housing agency in the courts
The court said the state’s affordable housing agency had failed to do its job, and effectively transferred the agency's regulatory authority to lower courts.
Codes and Standards | Mar 16, 2015
San Jose adopts bird-friendly building standard
The standard includes avoiding large chunks of transparent or reflective glass and adding fritting.
Codes and Standards | Mar 12, 2015
Energy Trust of Oregon offers financial incentives for net-zero buildings
The organization is offering technical assistance along with financial benefits.
Codes and Standards | Mar 10, 2015
Real estate interests push Congress for Census funding
The groups have joined forces to urge Congress to fully fund the 2020 Census and the annual American Community Survey in its 2016 budget.
Codes and Standards | Mar 5, 2015
Charlotte, N.C., considers rule for gender-neutral public bathrooms
A few other cities, including Philadelphia, Austin, Texas, and Washington D.C., already have gender-neutral bathroom regulations.
Codes and Standards | Mar 5, 2015
FEMA cuts off funding to Indiana after Kokomo continues building stadium in flood zone
FEMA will withhold funding on $5.5 million worth of projects such as building tornado safe rooms in schools.
Codes and Standards | Mar 5, 2015
Construction problems at prison spur support to quash non-traditional project delivery in Iowa
Iowa lawmakers are investigating construction problems at the Fort Madison prison project and are scrutinizing rules regarding project delivery on state projects.