Do you know that there are specific requirements for buildings located in the floodplain? The National Flood Insurance Program requires that if the cost of improvements to a building or the cost to repair damages (from any cause) to a building exceeds 50% of the market value of the building (excluding land value), the entire building must be brought up to current floodplain management standards.
Building improvement projects include exterior and interior remodeling, rehabilitation, additions, repairs, and reconstruction projects. Additionally, the 50% threshold is a cumulative value. The cost of currently planned improvements will be added to the cost of previously made improvements and compared to the existing market value to determine if the improvements exceed 50% of the structure’s value.
Please contact the Public Works Engineering Division at 630-377-4486 for more information.