In 2015, the Federal Emergency Management Agency (FEMA) quietly made changes to flood plain rules, which reduced flood insurance requirements on certain types of constructions in designated flood zones. The move, aimed at assisting homeowners being carried in “unreasonable expenses” as a result of meeting the previous flood insurance requirements, is expected to be more beneficial to developers than homeowners, as the amended flood maps will now show that construction work will be considered “substantially improved” when the cost of renovations exceed 50% of a structure’s estimated value. This move has been criticized by environmental and housing advocacy groups, who argue it serves only to help developers and place lower-income individuals at increased risk of flood damage.
Leave a Reply