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ASFPM develops fact sheet for FHA 203(k)

by | Feb 14, 2018 | News & Views

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.

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