The Administration announced Tuesday that "…increasing risks of property damage due to natural disasters will adversely affect the mortgage market, unless we take steps to address it now." Specifically, the
"This announcement is particularly timely with Hurricane Matthew ravaging the
The Administration has been working to strengthen structures when they are built or renovated, and also when they are repaired or rebuilt following disasters so they are safer, stronger and more resilient. This new guidance focuses on wind vulnerability of single-family homes, because this has been identified by the Administration as a particularly large gap in national resilience.
IBHS' FORTIFIED™ programs are singled out in HUD's announcement about the new initiative as "robust resilient wind standard[s] validated by third parties. Recent academic research shows that the Fortified Home designation increases home resale values by seven percent."
"IBHS' rigorous FORTIFIED Home™ construction standards for building new homes and retrofitting existing homes are based on 20 years of objective, scientific testing at our Research Center, and field investigations before and after disasters. By recommending the use of FORTIFIED standards for homes in high wind areas along coastlines and the central
The FORTIFIED Home™ program has been recognized by federal programs for mitigating risks to single- and two-family homes. The standard is a set of best practice engineering and building techniques (in the case of hurricanes, these are the same standards in
"One of the keys to creating a more resilient country is to shift our nation's focus from post-disaster recovery to pre-disaster preparedness. Communities that prepare for disasters are more resilient – their businesses reopen faster, houses suffer less damage so homeowners return to work faster, and less debris from damaged and destroyed buildings ends up in landfills making resilient communities more green and sustainable. Finally, local property and income tax bases in resilient communities are not disrupted as much when disasters strike, which means fewer government dollars are needed for post-disaster aid," said Rochman.
"There is an emerging market focused on resilience with some innovative companies leading the way, including homebuilders and manufacturers of building products and materials. With the Administration's recommendation that federally backed mortgages for a substantial portion of home loans focus on those that use FORTIFIED standards, that market can be expected to expand significantly," said Rochman.
"This most recent action by the Administration is another step toward driving our country to build forward to become a truly resilient nation with a strong, durable built environment able to stand up to Mother Nature's continuing onslaughts," Rochman concluded.
IBHS' mission is to conduct objective, scientific research to identify and promote effective actions that strengthen homes, businesses and communities against natural disasters and other causes of loss.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ibhs-commends-administration-for-new-initiative-to-make-us-homes-more-resilient-to-natural-disasters-and-severe-weather-events-300340379.html