(Click here to view attachment FEMA Pre-Calculated Benefit Memo (Updated) 09.29.21-2 in PDF.)
As of 9/29/21, FEMA’s Mitigation Directorate has updated its Pre-Calculated Benefit Memo that covers Non-Structural Flood Risk Reduction projects. This includes the Elevation of Structures, Property Acquisition or Buyouts along with Reconstructions.
Previously, if a structure’s Total Project Cost (TPC) to elevate was $175,000 or less then that property was considered cost-effective and a Benefit Cost Analysis (BCA) was not required to demonstrate cost-effectiveness. For acquisitions (buyouts), if a structure’s total project cost was $276,000 or less then it too was deemed to have demonstrated cost-effectiveness.
The newly adjusted amounts for pre-calculated benefits as of 9/30/21 are:
Elevations – $205,000 per structure
Acquisitions – $323,000 per structure
These changes represent an approximate 15% increase across the board for non-structural flood-risk reduction projects’ cost-effectiveness. Coupled with the historic funding levels available in this year’s Building Resilient Infrastructure and Communities (BRIC) and Flood Mitigation Assistance (FMA) Programs, these updates could not come at a better time. Meaning even more at-risk home and property owners and the communities they call home now have access to over a billion dollars in federal grant funding to help mitigate against the threat of chronic flooding and natural disasters.