MBA
My MBA Career: Navigating HUDs Federal Flood Risk Management Standard Final Rule
Last Updated on April 23, 2024 by Robert C. Hoopes
MBA President and CEO Disappointed with HUD’s Final Rule on Flood Risk Management
The President and CEO of the Mortgage Bankers Association (MBA) has expressed disappointment in the Department of Housing and Urban Development’s (HUD) final rule on the Federal Flood Risk Management Standard. The rule has raised concerns about potential impacts on housing production and costs for homeowners, renters, and builders.
While the MBA acknowledges the eight-month implementation timeline provided by HUD, there are deep concerns about the expansion of floodplain areas and new elevation requirements. There are fears that FHA financing could become more expensive and less competitive as a result of the rule.
Criticism has also been raised about the implementation of CISA tools before nationwide availability of maps, leading to inconsistencies and confusion. The MBA is committed to working with the Biden administration on policies addressing climate risks while ensuring they do not hinder housing construction or harm borrowers and renters.
The MBA is urging HUD to reconsider aspects of the final rule to mitigate the potential negative impacts on the housing industry. The association is advocating for a balance between addressing climate risks and maintaining a competitive and affordable housing market.
Stay tuned to My MBA Career for updates on this developing issue and its implications for the MBA community.
