The U.S. Department of Housing and Urban Development (HUD) published a Federal Flood Risk Management Standard (FFRMS) final rule in the Federal Register designed to help communities prepare for and reduce flood damage.
According to HUD, the final rule updates two of HUD’s regulations: Part 55, Floodplain Management and Protection of Wetlands, and Part 200, Minimum Property Standards. This rule is designed to strengthen standards by increasing elevations and flood proofing requirements of properties in areas at risk of flooding, where federal funds are used to develop or provide financing for new construction within the now defined FFRMS floodplain. It also applies to substantial improvement to structures financed through HUD grants, subsidy programs, and applicable multifamily programs.
The update to Minimum Property Standards only applies to Federal Housing Administration (FHA)-insured new construction within the 100-year floodplain. HUD estimates approximately 10% of new FHA single-family homes constructed each year are within the 100-year floodplain, and many of those homes are already located in areas where state or local standards are higher than HUD’s previous standard. The updated standard will reduce FHA homeowners’ exposure to losses caused by flooding, reduces insurance costs, and most importantly protects the risk to life faced in areas of greater flood risk, HUD added.
“Across the country, I’ve seen firsthand the devastating impact flooding disasters have had on families and communities – especially those least equipped to handle the emotional and financial burden of recovery. HUD’s announcement today lessens the burden these disasters have on people,” said HUD Acting Secretary Adrianne Todman. “As climate change progresses, flooding disasters will continue to become more frequent, more severe, and more costly for families and taxpayers. This final rule will increase awareness for renters and homeowners, saving lives and reducing costs for years to come.”
