BP Allocation to Real Estate Licnesees
Aug 23, 2010
Montgomery, Ala.– Kenneth Feinberg, Administrator of the BP Gulf Coast Claims Fund, announced he will provide an allocation from the fund for real estate brokers and agents. Feinberg will issue individual checks to the Florida, Mississippi, Louisiana, Texas and Alabama Associations of REALTORS® to be used for emergency payments and lost income due to the Deep Water Horizon gusher.
Until now, REALTORS® were not included in Feinberg’s protocol for payments from the $20 billion BP Gulf Coast Claims Fund. He stated publicly and in the House Judiciary Congressional Committee real estate brokers and agents were not eligible to file a claim. In the committee hearing he also said he was, “Going to have to do something for REALTORS®.”
Keith Kelley, Alabama Association of REALTORS® (AAR) president said “REALTORS® along the Alabama coast have been without income just as fishermen, retail employees, restaurant personnel, etc. and we have pushed hard to secure BP claims funds. Without the steadfast efforts of Governor Bob Riley, we know REALTORS® would have been left behind. “
Feinberg has stated publicly that Gov. Riley has insisted he consider REALTORS® in the same manner he used for other citizens of Alabama who have been financially damaged by the BP oil gusher. Gov. Riley fought tirelessly for Alabamians along the Gulf Coast since the April 20 Deep Water Horizon oil well explosions. Gov. Riley arranged several meetings between Feinberg and REALTORS® so they could present their case to him directly. AAR invited U.S. Senator Jeff Sessions, and Congressman Jo Bonner to attend a meeting with Feinberg in Mobile and both accommodated. Feinberg has determined “the right thing to do” is to carve out a fund for REALTORS®, brokers and agents.
“We cannot thank Gov. Riley and Mr. Feinberg enough for making funds available to assist REALTORS®,” said Kelley. “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 Gulf Coast and ensure that a unique culture and way of life continues into the future. Numerous details are still being worked out before this claims process can begin. We hope to be able to receive claims on August 23, the same day Mr. Feinberg launches BP Gulf Coast Claims facility. “
AAR is contracting with a national claims adjustment firm, Indianapolis-based NCA, to receive and process REALTOR®, broker and agent claims, as have the other REALTOR® associations along the Gulf Coast. All claims must be documented and include evidence of lost income before they will be considered. The five Gulf Coast states to receive funds for real estate brokers and agents had to provide Feinberg with a blueprint for detailed documentation to request funds. It also included a timely, transparent and objective process for receiving and processing claims and to determine payments.