Repeat flood properties to be bought out soon after Metro Council approves FEMA grant
Repeat flood properties to be bought out soon after Metro Council approves FEMA grant
8 hours 23 minutes 25 seconds ago
Wednesday, April 28 2021
Apr 28, 2021
April 28, 2021 9:25 PM
April 28, 2021
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Source: WBRZ
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UPDATE: The East Baton Rouge Metro Council Wednesday authorized the city-parish to accept a $10.5 million FEMA grant to acquire and demolish 25 properties and elevate 19 others throughout the parish.
Clay Rives, director of the Mayor s Office of Homeland Security and Emergency Preparedness, tells WBRZ he anticipates the more than two dozen properties will be acquired and demolished with a year.
Now the agency is rallying to more effectively assess homeowners risks. FEMA s National Flood Insurance Program (NFIP) recently rolled out new flood insurance rating procedures, set to go into effect in October and meant to equitably distribute the cost of insurance for potential flood damage based on the risk a property faces, according to a report from LendingTree and Value Penguin s data writer Andrew Hurst.
Under new rules released last week, hundreds of thousands of Americans in coastal areas and other flood zones will pay much more to insure their homes.
According to Hurst, before Risk Rating 2.0, the agency primarily evaluated flood risk by using flood zone maps, which communicate the likelihood of an area being inundated by a 100-year flood event. On paper, this translates to a 26% risk of flood damage during the lifetime of a conventional 30-year mortgage, he noted. By moving away from a reliance on flood zone mapping to show a community s flood risk, FEMA can illustr
Keith Wolfe is president of U.S. Property & Casualty at Swiss Re.
The recent flash flooding in Nashville is an all-too-familiar sight and a reminder of the human and economic toll of severe weather. For Tennesseans, these events are reminiscent of the horrific floods that struck the region in 2010, leading to $2.3 billion in property damage alone. These events prove that the risk is clearly prevalent in Tennessee and one that should be given closer attention.
It may seem like flooding should be the last thing on the mind of someone who lives in a landlocked state. When people think of flooding, they probably imagine states and cities along the coast that are also hurricane-prone, like Florida and New Orleans. However, the rapid urbanization that Nashville has undergone in the last few years has played a major role in heightening the region’s flood risk. According to the U.S. Census Bureau, the population of Nashville grew by 45% between 2000 and 2017 alone. Along with population
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The CFPB has issued guidance to mortgage servicers, including banks that service mortgage loans for third-party noteholders, that the CFPB expects servicers to dedicate sufficient resources and staff to reduce avoidable foreclosures in coming months. According to the guidance issued on April 1, Compliance Bulletin 2021-02, the CFPB believes consumer home mortgage borrowers needing loss mitigation assistance as the COVID-19 foreclosure moratoriums and forbearances end will face heightened risks of foreclosure. The CFPB’s guidance urges mortgage servicers to dedicate resources and staff to ensure that they can