Monday, August 23, 2010

BP emergency funds for real estate professionals lost income along Gulf Coast

Breaking news ...


Kenneth Feinberg, administrator of the BP Gulf Coast Claims Fund, is providing an allocation from the fund for real estate brokers and agents in the region, including Texas. Along with other local businesses, Gulf Coast real estate activity has been affected since the Deepwater Horizon gusher.

These emergency funds are for real estate professionals' loss of income as a result of the oil spill. To qualify, applicants' lost business must be in close proximity to the coastline.

“The economic impacts of natural disasters like Hurricanes Rita and Ike, while certainly unwelcome, are relatively easy to determine. But the long-term impact of the BP oil spill to Texas has yet to be determined,” says Bill Jones, chairman of the Texas Association of REALTORS®. “We do know there are local real estate professionals who’ve experienced financial losses due to transactions that were terminated because of the oil spill. The decline in tourism and interest in real property sales and leases due to the oil spill has affected some of our real estate businesses in southeast Texas, and we’re grateful to Mr. Feinberg for all he’s doing to help.”

Each state association of REALTORS® of the affected Gulf Coast states will receive funds as determined by a standard, widely accepted, loss-estimation methodology. The states, which include Texas, Louisiana, Mississippi, Alabama, and Florida, have developed timely and objective processes for receiving and processing claims and determining loss payments. A major part of this work will be conducted by a third-party national claims adjustment firm, Indiana-based NCA.

“Texas REALTORS® build and, whenever necessary, re-build communities. This process will help us continue to do that along our economically battered Gulf Coast,” Jones says. “This historic agreement between the real estate industry and the BP Fund is a model for public/private partnerships. And it will help restore economic vitality to the region and ensure that a unique culture and way of life continues into the future.

Texas Real Estate Licensee Emergency Claim Form (Word document)