HUD Proposes Rule To Implement FFRMS – Comments Due December 27
HUD Releases Proposed Rule to Implement FFRMS
In the face of increased flooding risks and rising sea levels, the U.S. Department of Housing and Urban Development (HUD) on October 28 published proposed new elevation standards for all HUD-supported properties. For the first time in nearly 40 years, HUD is proposing to establish higher elevation requirements for properties seeking HUD assistance or Federal Housing Administration (FHA) mortgage insurance. The Proposed Rule is on display for Public Inspection and will be published tomorrow. Public comment will remain open until December 27th, 2016.
Please note that it looks like HUD is proposing including properties with FHA-insured mortgages as being covered by the Federal Flood Risk Management Standard.