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The U.S. Department of Housing and Urban Development strengthened flood-protection requirements for homes using federal funds for construction or substantial repair via a recently finalized regulation.
HUD issued a final rule last week that expands the areas where homes must be elevated or floodproofed through a new standard that accounts for future flood risk. The rule also increases elevation requirements for certain new construction.
Despite real estate industry concerns that the rule will spike construction costs, HUD says it will save U.S. communities millions of dollars by reducing flood insurance premiums, building damage, relocation costs and loss of income during floods.
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