1. NFIP Substantial Damage

2. – Substantial Damage: Restoration cost equals or exceeds 50% of pre-damage market value of structure, even if not fully restored. – Substantial Improvement: Improvement cost equals or exceeds 50% of market value of structure prior to the improvement. – A Substantially Damaged or Substantially Improved building must meet new construction requirements of the National Flood Insurance Program, if the building is located in a FEMA-defined Special Flood Hazard Area Substantial Damage

3. Mathematically Speaking Cost to Repair + Cost of Improvements Market Value > 50%

4. Local floodplain managers must be able to quickly inform building owners of: the need to bring substantially damaged buildings into compliance with current flood hazard regulations potential grant opportunities and need to sign letter of intent Post-Event

5. Before issuing floodplain development permits to repair damage local floodplain manager must: Determine costs to repair Determine pre-event market values Make SI/SD determinations SI/SD Determination

6. In Oregon, the assessed real market value of improvements may be used as a starting point to establish the market value of a structure Building owners may appeal the valuation with a professional appraisal Assessed RMV

7. Educate floodplain managers about how RMV is estimated Discuss limitations Help develop substantial damage assessment protocols in your jurisdiction Pre-planning