On Apr. 23, HUD issued final rule on flood risk management standards.
HUD published final rule to protect from flooding events and rising insurance costs.
Aims to protect communities from flood risk, heavy storms, increased frequency of severe weather events and disasters, changes in development patterns, and erosion.
Rule Provisions
The final rule implements the Federal Flood Risk Management Standard (FFRMS) required by Executive Order EO 13690 by updating two of HUD’s regulations.
Amends FFRMS Part 55, Floodplain Management and Protection of Wetlands (24 CFR 55), as well as FFRMS Part 200 , regarding Minimum Property Standards (24 CFR 200).
Strengthens standards by increasing elevations and flood proofing requirements, where federal funds are used to develop or provide financing for new construction.
Applies to substantial improvement to structures financed via HUD grants, subsidies.
Update to Minimum Property Standards only applies to FHA-insured new construction.
