The U.S. Department of Housing and Urban Development (HUD) has published a proposed rule to rescind most of its 2024 implementation of the Federal Flood Risk Management Standard (FFRMS), which imposed additional floodplain and elevation requirements on certain HUD-assisted projects.
Rescinding the FFRMS rule would eliminate costs associated with complying with those requirements and shorten rebuilding timelines in disaster-impacted communities. Additionally, it simplifies the definition of the regulatory floodplain and removes prohibitive elevation requirements for existing HUD-assisted properties. The proposed rule would restore regulations to their state prior to HUD’s 2024 implementation of the FFRMS, although it does maintain flexibility related to floodways, categorical exclusions, and minor revisions for clarity.
HUD expects the proposed rule to save millions of dollars in construction costs and help spur desperately needed housing development. The current proposal has wide industry support, including from leading organizations such as the Mortgage Bankers Association (MBA).
To learn more about how the proposed rule may help advance your objectives, contact us today.
