nfip substantial damage. – substantial damage: restoration cost equals or exceeds 50% of...
TRANSCRIPT
![Page 1: NFIP Substantial Damage. – Substantial Damage: Restoration cost equals or exceeds 50% of pre-damage market value of structure, even if not fully restored](https://reader035.vdocument.in/reader035/viewer/2022072014/56649e7a5503460f94b7a3d0/html5/thumbnails/1.jpg)
NFIP Substantial Damage
![Page 2: NFIP Substantial Damage. – Substantial Damage: Restoration cost equals or exceeds 50% of pre-damage market value of structure, even if not fully restored](https://reader035.vdocument.in/reader035/viewer/2022072014/56649e7a5503460f94b7a3d0/html5/thumbnails/2.jpg)
– Substantial Damage: Restoration cost equals or exceeds 50% of pre-damage market value of structure, even if not fully restored.
– Substantial Improvement: Improvement cost equals or exceeds 50% of market value of structure prior to the improvement.
– A Substantially Damaged or Substantially Improved building must meet new construction requirements of the National Flood Insurance Program, if the building is located in a FEMA-defined Special Flood Hazard Area
Substantial Damage
![Page 3: NFIP Substantial Damage. – Substantial Damage: Restoration cost equals or exceeds 50% of pre-damage market value of structure, even if not fully restored](https://reader035.vdocument.in/reader035/viewer/2022072014/56649e7a5503460f94b7a3d0/html5/thumbnails/3.jpg)
Mathematically Speaking
Cost to Repair + Cost of Improvements
Market Value > 50%
![Page 4: NFIP Substantial Damage. – Substantial Damage: Restoration cost equals or exceeds 50% of pre-damage market value of structure, even if not fully restored](https://reader035.vdocument.in/reader035/viewer/2022072014/56649e7a5503460f94b7a3d0/html5/thumbnails/4.jpg)
Local floodplain managers must be able to quickly inform building owners of:
• the need to bring substantially damaged buildings into compliance with current flood hazard regulations
•potential grant opportunities and need to sign letter of intent
Post-Event
![Page 5: NFIP Substantial Damage. – Substantial Damage: Restoration cost equals or exceeds 50% of pre-damage market value of structure, even if not fully restored](https://reader035.vdocument.in/reader035/viewer/2022072014/56649e7a5503460f94b7a3d0/html5/thumbnails/5.jpg)
Before issuing floodplain development permits to repair damage local floodplain manager must:
•Determine costs to repair•Determine pre-event market values •Make SI/SD determinations
SI/SD Determination
![Page 6: NFIP Substantial Damage. – Substantial Damage: Restoration cost equals or exceeds 50% of pre-damage market value of structure, even if not fully restored](https://reader035.vdocument.in/reader035/viewer/2022072014/56649e7a5503460f94b7a3d0/html5/thumbnails/6.jpg)
• In Oregon, the assessed real market value of improvements may be used as a starting point to establish the market value of a structure
• Building owners may appeal the valuation with a professional appraisal
Assessed RMV
![Page 7: NFIP Substantial Damage. – Substantial Damage: Restoration cost equals or exceeds 50% of pre-damage market value of structure, even if not fully restored](https://reader035.vdocument.in/reader035/viewer/2022072014/56649e7a5503460f94b7a3d0/html5/thumbnails/7.jpg)
• Educate floodplain managers about how RMV is estimated• Discuss limitations• Help develop substantial damage
assessment protocols in your jurisdiction
Pre-planning