Even before Katrina, Sandy and other major weather events, FEMA (the Federal Emergency Management Agency) was hard at work on new flood protection standards. In July 2013 FEMA updated the Flood Insurance Risk Maps (FIRM) that define flood zones. The redefined maps upgraded many property owners to higher risk zones requiring the owners to raise their Base Flood Elevation (BFE). Higher BFE’s mandate that property owners elevate their homes or buildings above the new flood zone designation to be fully eligible for FEMA benefits in the event of a flood loss. Raising a building above the elevated flood plain is a significant and costly project. The cost for the average home could easily require a six figure expenditure.
New low interest loans in your town
The State of Connecticut is offering low interest loans to qualified residential and commercial property owners to retrofit properties for elevation enhancement, flood protection and wind proofing. To qualify, property owners must be located within flood zones designated VE or AE by FEMA. The loans carry a fixed interest rate of 2.75% for a 15 year term plus a 1% origination fee, and require no monthly payment of interest or principal for the first twelve months. Property owners can borrow from $10,000 to $300,000.
The following coastal communities are eligible: Greenwich, Stamford, Darien, Norwalk, Westport, Fairfield, Bridgeport, Stratford, Milford, West Haven, New Haven, East Haven, Branford, Guilford, Madison, Clinton, Westbrook, Old Saybrook, Old Lyme, East Lyme, Waterford, New London, Groton, and Stonington.
Information, is available from Shore Up Connecticut at its website: http://shoreupct.org/
Cacace, Tusch & Santagata can help you close Shore Up financing if you qualify.