ASFPM develops fact sheet for FHA 203(k), a finance option to reduce flood losses for homeowners.
In an attempt to revitalize neighborhoods that were run down, the Federal Housing Administration created the 203(k) Rehabilitation Program, which has been around since the 1970s. It was originally designed to encourage families in the low- to moderate-income bracket to purchase homes that are in dire need of repairs, especially homes in older communities. However,
it can also be used to finance flood mitigation projects even without a presidential disaster declaration.
These loans can be used by:
Homeowners who want to protect their homes from floods by elevating or other flood protection activities, or People wanting to purchase a flood-prone home, but rehabilitate it to make it more
resilience to future floods.
Because so few were aware of FHA 203(k) program, ASFPM wanted to develop this two-page fact sheet so flood-risk professionals and the media could help spread the word.
The 203(k) team that helped create the fact sheet includes Tim Trautman (ASFPM Mitigation Pod facilitator), Lisa Sharrard (Jones) (past ASFPM chair), Bruce Bender (ASFPM Insurance Committee co-chair), Jen Marcy (ASFPM Training & Outreach Committee co-chair), George Riedel (ASFPM Foundation donor coordinator), Joy Duperault and Mitch Paine (ASFPM Mitigation Committee co-chairs), Manny Perotin and Randy Behm (ASFPM Nonstructural Floodproofing Committee co-chairs), as well as help from Lynsey Wallace (former HUD employee) and Joseph Baietti (current HUD employee).
Please share this, another tool in the mitigation toolbox, widely.