It’s no secret that natural disasters are becoming more prevalent across the country. Over the last decade, the U.S. has seen at least ten disasters annually, costing over $1 billion each time. In the context of affordable housing, 40 percent of the nation’s occupied rental stock is located in areas likely to experience substantial annual losses due to natural disasters.
Of all the natural disasters, the most common peril is flooding. According to FEMA, just one inch of water can cause $25,000 in damage to a home and lead to mold and other health concerns.
Over the last year, FEMA has been updating the National Flood Insurance Program’s risk rating methodology to a new model, Risk Rating 2.0, which uses a site-by-site approach to determine flood susceptibility at an address-level. This method looks to resolve issues that the previous flood maps faced, from pricing inequities to underestimating risk as sea levels rise, rainfall increases, and riverine flooding expands.
To help affordable housing providers navigate the impact that these changes are having on the industry, HAI Group and the Public and Affordable Housing Research Corporation (PAHRC) are joining forces on an upcoming webinar, Flood Planning and Mitigation for Affordable Housing Organizations, presented by the National Housing & Rehabilitation Association.
This webinar will discuss the vulnerability of the federally assisted housing stock to flooding, how affordable housing organizations can develop a disaster preparedness plan, and mitigations to reduce exposure to flooding in new and existing developments. It will also discuss trends in the insurance industry, what to consider when seeking flood coverage, and strategies to reduce flood premiums. Attendees are encouraged to bring questions to ask the panelists, that includes affordable housing research, risk control, and insurance industry professionals.
This free webinar will take place on Tuesday, October 4, from 3-4:30 p.m. ET. Register now to reserve your spot!
Interested in learning more about affordable housing and natural hazards? Visit PAHRC and the National Low Income Housing Coalition’s National Housing Preservation Database website to download their recent report, Taking Stock: National Hazards and Federally Assisted Housing, explore mapping tools, and access past webinar recordings.