New Flood Determination Form
By Amy Kudlacek
As we reported in our February Newsletter, FEMA recently announced the release of a new Standard Flood Hazard Determination Form (SFHDF). Financial institutions may begin using the form immediately; however, it will not be mandatory until June 16, 2009.
One question I always get when FEMA issues a new SFHDF is Can we rely on a previous SFHDF if the form has expired? The answer depends on if the following three conditions are met. First, the previous determination must be less than seven years old. Second, there must be no map revisions or updates affecting the property since the previous determination. Finally, the previous determination must be completed on a SFHDF. This condition only requires that the determination be on a SFHDF (not the most recent version). Thus, an expired form is okay.
So don't despair, the release of the new SFHDF will not (in most cases) jeopardize your institution's ability to rely on previous SFHDFs.