FEMA Resource for Substantially damaged homes

FAQ#: 384 published 4-25-2021 updated 12-31-2021

These files have been updated and reviewed by HUD on 7-2020 and are the most current valid documents.

You are looking for references under Cash Value sections 4.5.2 .3 .4 I believe. Not sure

FEMA Resource References:

Substantial Improvement / Substantial Damage Desk Reference FEMA P-758 / May 2010

2020-07 fema nfip substantial improvement substantial damage desk reference .pdf

Answers to Questions About Substantially Improved / Substantially Damaged Buildings FEMA 213 / August 2018

This section discusses the "Replacement Cost Value" RCV of the home based on the present day cost of materials and labor.
The argument would be in a perfect world, the replacement materials would be ordered the day after the disaster and would not need to be reassessed. But because of delays beyond the control of the homeowner construction costs did increase but reassessments were not followed.
The original RCV in the grant is $108/sf * Square feet of home. At the time of replacement the materials and labor were valued at $118/sf as detailed in Oct. 2020 by state managers. Because HUD offers no specific spot checks or time frame to reassess costs and FEMA identifies the costs for Replacement is to be calculated at the "present day cost of materials and labor" we have to conclude that present day means the period of time materials and labor were acquired.

"RCV is the cost to replace a structure on the same parcel with a new structure that is intended for the same purpose and using comparable materials and quality (at the present day cost of materials and labor). The concept of RCV is also used by both the insurance industry and the construction industry. Definitions may vary from State to State."

2020-07 fema p213 08232018 .pdf

Comment | Suggestion | Feedback

Does the Restore Louisiana OCD-DRU HUD Grant program offer a Scheduled Draw payment?

FAQ#: 451 published 5-14-2022 1 min. 32 seconds read

Read


Secured Federal USDA Single Family Housing Repair Loans up to $40,000 for 20 years at 1 percent interest and Grants of up to $10,000.

FAQ#: 453 published 4-19-2022 1 min. 50 seconds read

Read


How to help homeowners with their construction projects without requiring a license in Louisiana ยง309. Construction Management [Formerly ยง119]

FAQ#: 456 published 4-19-2022 3 min. 35 seconds read

Read


What does disaster Unmet needs mean?

FAQ#: 457 published 4-18-2022 1 min. 25 seconds read

Read


SBA Reconsideration Loan: My home was hit by Hurricane Sally I am in need of an SBA loan to repair my home. Please reconsider my denied application.

FAQ#: 459 published 4-18-2022 2 min. 44 seconds read

Read


How to calculate your Wind, Snow, Tornado and Seismic risk assessment and apply that information to better home building.

FAQ#: 458 published 3-5-2022 2 min. 31 seconds read

Read


How do I know if my mortgage is federally backed or federally secured? COVID-19 Housing Assistance Program Appeals Process.

FAQ#: 460 published 1-13-2022 2 min. 50 seconds read

Read


Reconsideration of Declined Loan Applications SBA Economic Injury Disaster Loan (EIDL)

FAQ#: 235 published 4-23-2020 updated 1-4-2022 4 min. 48 seconds read

Read


Reconsideration of Declined EIDL add Personal Financial Statement Disaster Programs SBA Form 413D (03-18) to your document list.

FAQ#: 403 published 8-6-2020 updated 12-31-2021 1 min. 54 seconds read

Read


FEMA Resource for Substantially damaged homes

FAQ#: 384 published 4-25-2021 updated 12-31-2021 1 min. 27 seconds read

Read