The U.S. Department of Housing and Urban Development (HUD) issued more stringent flood protection requirements for new and rebuilt homes that are developed with, or financed with, federal funds.
The rule strengthens standards by increasing elevations and flood-proofing requirements of new properties in areas at risk of flooding. It also applies to substantial improvements to structures financed through HUD grants, subsidy programs, and applicable multifamily programs.
HUD estimates about 10% of new Federal Housing Administration (FHA) single-family homes constructed each year are within a 100-year floodplain. Many of those homes are already located in areas where state or local standards are higher than HUD’s previous standard.
The updated standards reduce FHA homeowners’ exposure to losses caused by flooding, reduce insurance costs, and protect the risk to life faced in areas of greater flood risk, HUD says. According to the National Institute of Building Sciences, building to higher elevations is cost effective when flooding occurs, providing a benefit of $6 in damages avoided for every $1 invested in elevation.
“This rule will ensure HUD supported properties have the best chance of being undisturbed when flooding occurs,” says Marion McFadden, principal deputy assistant secretary for Community Planning and Development. “It is the responsibility of the federal government to ensure that taxpayer investments are built to withstand foreseeable risk and has the added benefit of reducing the cost of flood insurance for property owners.”
Related Stories
Mixed-Use | Aug 21, 2024
Adaptive reuse of a Sears store becomes luxury mixed-use housing
6 Corners Lofts at 4714 W Irving Park Road, Chicago, Ill., opened in March of 2024 as a 394,000-sf adaptive reuse project born out of a former Sears store.
Multifamily Housing | Aug 21, 2024
Nation's leading multifamily developer expands into infrastructure
Greystar's strategy for infrastructure is driven by the shifting landscape of today's cities—primarily in the increased digitization, urbanization, and transitions to clean energy.
MFPRO+ New Projects | Aug 20, 2024
Seattle workforce housing project inspired by geology of eastern Washington
J.G. Whittier Apartments, a workforce housing project in Seattle uses the geology of eastern Washington as inspiration for the design. The architecture and interior design celebrate geometric anomalies found in nature. At the corners of the building, blackened wood siding “erodes” to expose vibrant murals underneath.
MFPRO+ New Projects | Aug 16, 2024
At 60 stories, the Paramount multifamily development will stand as Nashville’s tallest high rise
When complete, the 60-story Paramount building, at 750 feet high, will be the tallest high rise tower in Nashville, Tenn., surpassing the city’s current record holder, the 617-foot AT&T Building. The $390 million Paramount project recently launched condo sales after securing more than $230 million in construction financing.
Adaptive Reuse | Aug 14, 2024
Adaptive reuse revives a former warehouse in St. Louis
The Victor, as the building is now called, has nearly 400 residential apartments.
MFPRO+ News | Aug 14, 2024
Report outlines how Atlanta can collaborate with private sector to spur more housing construction
A report by an Urban Land Institute’s Advisory Services panel, commissioned by the city’s housing authority, Atlanta Housing (AH), offered ways the city could collaborate with developers to spur more housing construction.
Modular Building | Aug 13, 2024
Strategies for attainable housing design with modular construction
Urban, market-rate housing that lower-income workers can actually afford is one of our country’s biggest needs. For multifamily designers, this challenge presents several opportunities for creating housing that workers can afford on their salaries.
MFPRO+ Research | Aug 9, 2024
Apartment completions to surpass 500,000 for first time ever
While the U.S. continues to maintain a steady pace of delivering new apartments, this year will be one for the record books.
Affordable Housing | Aug 7, 2024
The future of affordable housing may be modular, AI-driven, and made of mushrooms
Demolished in 1989, The Phoenix Ironworks Steel Factory left a five-acre hole in West Oakland, Calif. After sitting vacant for nearly three decades, the site will soon become utilized again in the form of 316 affordable housing units.
