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- Title
Eliminating a loophole in the National Flood Insurance Program.
- Authors
ERNST, PHILIP; SHEPP, LARRY
- Abstract
The Federal Emergency Management Agency requires that buildings located in floodplains which undergo 'substantial improvement' must comply with current floodplain management standards. However, the wording of the 'substantial improvement' clause in the National Flood Insurance Program (44 C.F.R § 59.1) is highly ambiguous, leading to a loophole that can be easily exploited by property owners. We thus suggest a new interpretation of the law which we believe to be in the law's intended spirit. We mathematize our new interpretation of the law and formally prove that it does not have a substantial impact on poorer property owners who are unable to make the needed improvements at one time.
- Subjects
UNITED States; LOOPHOLES; FLOODPLAIN management; NATIONAL Flood Insurance Program (U.S.); UNITED States. Federal Emergency Management Agency; FLOOD insurance; HOMEOWNERS; LAW; STANDARDS
- Publication
Law, Probability & Risk, 2016, Vol 15, Issue 4, p251
- ISSN
1470-8396
- Publication type
Article
- DOI
10.1093/lpr/mgw008