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
MFPRO+ New Projects | Jul 10, 2024
3 noteworthy multifamily projects for July 2024
These three multifamily projects on our radar include an artist-inspired complex, seven-acres of senior housing, and a budget-conscious rental community.
MFPRO+ News | Jul 8, 2024
Boston receives 304 new market-rate and affordable housing units
The Smith No. 99 in Boston, Mass., is a new 305,000-sf mixed-use apartment community featuring 304 market rate and affordable housing units.
MFPRO+ New Projects | Jul 2, 2024
Miami residential condo tower provides a deeded office unit for every buyer
A new Miami residential condo office tower sweetens the deal for buyers by providing an individual, deeded and furnished office with each condo unit purchased. One Twenty Brickell Residences, a 34-story, 240-unit tower, also offers more than 60,000 sf of exclusive residential amenities.
Senior Living Design | Jun 28, 2024
The country’s largest retirement community expands with educational facilities
The project will include a high school, a K-8 school, and an Early Learning Center aimed at serving the children of residents who work in qualified businesses within The Villages.
MFPRO+ New Projects | Jun 27, 2024
Chicago’s long-vacant Spire site will be home to a two-tower residential development
In downtown Chicago, the site of the planned Chicago Spire, at the confluence of Lake Michigan and the Chicago River, has sat vacant since construction ceased in the wake of the Great Recession. In the next few years, the site will be home to a new two-tower residential development, 400 Lake Shore.
MFPRO+ News | Jun 25, 2024
New York mayor releases multi-year plan to address affordable housing crisis
The plan seeks to create and preserve affordable housing. It will incentivize the inclusion of permanently affordable and rent stabilized housing in new, multi-family construction projects.
Student Housing | Jun 25, 2024
P3 student housing project with 176 units slated for Purdue University Fort Wayne
A public/private partnership will fund a four-story, 213,000 sf apartment complex on Purdue University Fort Wayne’s (PFW’s) North Campus in Fort Wayne, Indiana. The P3 entity was formed exclusively for this property.
MFPRO+ News | Jun 24, 2024
‘Yes in God’s Backyard’ movement could create more affordable housing
The so-called “Yes in God’s Backyard” (YIGBY) movement, where houses of worship convert their properties to housing, could help alleviate the serious housing crisis affecting many communities around the country.
MFPRO+ News | Jun 20, 2024
National multifamily outlook: Summer 2024
The multifamily sector continues to be strong in 2024, even when a handful of challenges are present. That is according to the Matrix Multifamily National Report for Summer 2024.
