HUD Publishes Final Rule to Implement Federal Flood Risk Management Standard (FFRMS) for Community Resilience and Protection

The Federal Flood Risk Management Standard (FFRMS) is set to protect families and federal investments against future flood risks, ultimately decreasing harm, saving lives, and reducing insurance costs. The U.S. Department of Housing and Urban Development (HUD) has published a final rule in the Federal Register to help communities prepare for and reduce flood damage.

HUD Acting Secretary Adrianne Todman emphasized the importance of this rule in lessening the burden of flooding disasters on families and communities. As climate change progresses, flooding disasters are expected to become more frequent and severe, making it crucial to increase awareness and preparedness for renters and homeowners.

The final rule implements the FFRMS required by Executive Order (E.O.) 13690 by updating HUD’s regulations to strengthen standards for properties in flood-prone areas. This includes increasing elevations and flood proofing requirements for properties where federal funds are used for construction. The rule aims to ensure that federally funded projects are built to withstand current and future flood risks.

By implementing the FFRMS, HUD estimates that approximately 10% of new Federal Housing Administration (FHA) single-family homes constructed each year will be better protected against flood risks. This will reduce insurance costs, protect lives, and safeguard federal investments in the long run.

Flooding is the most common and costly weather-related disaster in the United States, costing billions of dollars annually in economic losses. The updated standard is expected to result in significant savings over the lifetime of properties, including reduced flood insurance premiums and decreased flood damage.

Investments in elevation of structures have been proven to be cost-effective when flooding occurs, providing a benefit of $6 in damages avoided for every $1 invested in elevation. Underserved communities are disproportionately impacted by flooding events, making the implementation of the FFRMS crucial for their protection.

Communities like the City of Cedar Rapids, Iowa, and the State of Louisiana have already benefited from similar standards, increasing their resilience to flooding and reducing damage during disasters. The FFRMS aims to save homes and lives, with the potential to significantly reduce the impact of flooding events across the country.

Overall, the implementation of the FFRMS is a crucial step towards protecting communities from future flood risks, saving lives, and reducing the financial burden of flood disasters.