EXPLORING RESILIENCY

AND SUSTAINABILITY DESIGN

The National Flood Insurance Program, which provides most of the flood insurance to homeowners, is increasing rates at 18 percent per year to reflect the actual risk of flooding.

While this impacts everyone, it can be devastating to low-income people.

When a lender considers a higher insurance premium over the life of the loan, it could keep the would-be buyer from qualifying.

Even for longtime homeowners who have paid off their mortgage and seen decent appreciation of their value, spiraling insurance rates may force them to drop coverage they cannot afford.

EXPLORING RESILIENCY

AND SUSTAINABILITY DESIGN

University of Pennsylvania Wharton Real Estate Professor Benjamin Keys has been studying this for more than a decade.

Keys said when buyers are calculating their monthly payment, they must look at what insurance will cost a decade from the time of purchase.

In the past several years, rates have skyrocketed much more than the rate of inflation.

Part of that is because in the past year, there have been 27 disasters that did more than $1 billion in damage, so the insurance industry is reacting to those losses.

EXPLORING RESILIENCY

AND SUSTAINABILITY DESIGN

The risk of disaster, especially flooding, is simply not being factored into the true cost of homeownership. University of Pennsylvania Wharton Real Estate Professor Benjamin Keys has been studying this for more than a decade.

He has concluded in a time of decreasing affordability, the cost of insuring against a catastrophic event can put one more squeeze on homebuyers.

Keys is updating a paper he authored that looks at flood-prone coastal properties and whether sales will slow because of staggering insurance hikes.

“A number of studies suggest that these risks are not the first thing that homebuyers consider.

There are a lot of reasons why homeowners are not aware of the risk or do not appreciate the risk.

In some states, sellers are not required to state prior flood damage or the flood risk to a property,” he said.

EXPLORING RESILIENCY

AND SUSTAINABILITY DESIGN

LOTSAR recently held a rebuilding session addressing flood zones, natural habitat, affordable housing, and possible zoning changes that could allow more density with infill projects to accommodate hundreds of dwellings and businesses that were lost.

 LOTSAR will continue to be a convenor of these important discussions.

WHEN WILL PEOPLE EVER UNDERSTAND THAT A WHEELCHAIR IS TECHNOLOGY

THAT DELIVERS FREEDOM, INDEPENDENCE, MOBILITY AND DIGNITY? 

“I’d rather die than use a wheelchair,” says the bigoted woefully ignorant ableist.

The same person ironically jumps into a sedan to drive 10 miles — because that wheeled machine covers more ground more quickly than his body.

Assistive mobility devices are liberating.

EXPLORING RESILIENCY

AND SUSTAINABILITY DESIGN

LOTSAR is collaborating with a member that is an affordable housing developer and has designed 700-square-foot, temporary-housing cottages.

These relief cottages are currently in the process of getting funding and being placed.

Matthew Allen, J.D., is director of Professional Development and Government Affairs for the Land of the Sky Association of REALTORS® said LOTSAR, along with other stakeholders, was involved in discussions with the city of Asheville on updating their flood regulations and will similarly weigh in when Buncombe County’s regulations are updated.

He said local officials know some people will have difficulty rebuilding in flood prone areas and the community is working together on a good solution for all.

EXPLORING RESILIENCY

AND SUSTAINABILITY DESIGN

Matthew Allen, J.D., is director of Professional Development and Government Affairs for the Land of the Sky Association of REALTORS® (LOTSAR), which covers the Asheville area.

LOTSAR sprung into action for disaster recovery.

LOTSAR provided resources for rebuilding and applying for state and federal disaster assistance.

Allen noted that the National Association of REALTORS® and NC REALTORS® combined to contribute more than $1 million in recovery grant funding.

LOTSAR provided resources for rebuilding and applying for state and federal disaster assistance.

It also got heavily involved in presenting information on water testing—because for weeks after the disaster, city water was mostly undrinkable.