Borough Of Manville: FEMA Increases Costs For Acquisitions And Elevations Due To Inflation

Press release from the Borough of Manville:

October 24, 2021

Cost-Effectiveness Determinations for Acquisitions and Elevations in Special Flood Hazard Areas Using Pre-Calculated Benefits

This memo explains that the pre-calculated benefit values used when determining the cost-effectiveness of elevations and acquisitions in Special Flood Hazard Areas have been updated based on the current Consumer Price Index Inflation Calculator. The updated pre-calculated benefit values (used for pre-calculated benefits) that can be used to determine cost-effectiveness of elevations and acquisitions in Special Flood Hazard Areas are:

• Acquisitions: $323,000 per structure
• Elevations (and Mitigation Reconstruction): $205,000 per structure

In 2013, FEMA’s Hazard Mitigation Assistance (HMA) Division analyzed over 11,000 structures acquired or elevated and found that the average benefits for each project type were $276,000 and$175,000 respectively. FEMA is now adjusting these values for inflation in 2021.

Cost-Effectiveness Determinations for Acquisitions and Elevations in Special Flood Hazard Areas Using Pre-Calculated Benefits Read press release click here...

This press release was produced by the Borough of Manville. The views expressed here are the author’s own.