Federal funds earmarked for adapting to sea-level rise and flooding in Rhode Island are being channeled into elevating pricier homes along the coast, while inland, flood-prone homes are being torn down, according to ecoRINews.
Since tropical storm Irene in 2011, more than $2 million has been spent to elevate 22 coastal homes that repeatedly flood, earning them the term “repetitive loss” by the Federal Emergency Management Agency.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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The state’s coastal-planning agency agrees with the rebuild-and-go-higher concept. Coastal Resources Management Council Executive Director Grover Fugate said elevating helps reduce flood insurance costs for homeowners, gives a boost to the construction industry and keeps higher-priced homes on the tax rolls. •
