HUD Requests Input on Climate Resilience and Property Insurance
(Jan. 7, 2025) In response to continued advocacy by LeadingAge and others, the U.S. Department of Housing and Urban Development (HUD) has published a Request for Information (RFI) seeking public input on insurance coverage issues and opportunities.
Specifically, HUD is requesting input on increasing the resilience of residential properties to natural hazards and extreme weather, which will allow the agency to develop policies that better support housing providers in addressing climate resilience and accessing affordable insurance for their properties.
The RFI asks seven questions specifically for single and multifamily housing providers, followed by additional questions targeted at tribal communities and manufactured housing. The questions focus on financial savings resulting from risk mitigation, incentives for resilience elements at properties, and data availability for long-term success, as well as successful state and local resilience measures.
The RFI follows a recent effort by HUD to better reflect insurance cost increases in Operating Cost Adjustment Factor (OCAF) calculations, which are annual budget increases for certain HUD-assisted properties. LeadingAge applauds HUD for acknowledging the severe increases in insurance costs and the lack of insurance availability for HUD-assisted housing communities and will work with members to submit comments by the Feb. 28th deadline. Members may reach out to Juliana Bilowich (jbilowich@leadingage.org), LeadingAge’s Director of Housing Operations and Policy, to join the effort.
Read LeadingAge’s article on the RFI here.
Contact: Annalyse Komoroske Denio, akomoroskedenio@leadingageny.org, 518-867-8866