Case Study

Multifamily

Maximizing Property Value via Letter of Map Amendment

Longview, TX

Image of Multifamily property for Maximizing Property Value via Letter of Map Amendment

Flood Insurance Mandates Removed

Solutions Found:

LOMA

Solutions Value: Flood Insurance Mandates Removed & Property Value Improved

NFE Solution: LOMA

A cold call from National Flood Experts paid off big for this Client, a nationally recognized purchaser and operator of multifamily complexes throughout the Southern and Southeastern United States.

Based on past successful projects and area data, NFE's in-house research team pre-qualified the Client's Longview, TX, multifamily property as having a high likelihood of cost-saving solutions. NFE contacted the property owner to share our services and what we thought may be possible for their property.

Although this particular property did not carry a loan and therefore wasn't mandated to carry flood insurance, the owner recognized the potential to significantly increase the property value if any of the buildings qualified for removal from the Special Flood Hazard Area (SFHA) via Letter of Map Amendments (LOMA). The owner was excited to proceed with the complimentary desktop engineering review to see what might be possible.

NFE's engineering team reviewed property elevation certificates provided by the Client against in-house data and confirmed that four of the five buildings qualified for removal from the SFHA. NFE's team obtained all required sign-offs, communicated with the City of Longview's floodplain administrator, and submitted the final LOMR-F application to FEMA for approval. Thanks to the engineering team's expertise, the application was approved in only 31 days!

The approved LOMR-F officially reclassified the four buildings into an X zone. This solution unquestionably adds significant property value, a major asset, should the current owners decide to refinance or sell the property.

View Other Case Studies

Image of Multifamily property for Wisconsin Multifamily Property Successfully Removed from SFHA

$175K in Added Property Value

Wisconsin Multifamily Property Successfully Removed from SFHA - Fond du Lac, WI

NFE successfully reclassified an entire Multifamily property in Fond du Lac, WI out of the high-hazard flood zone. Resulting in $11K year-over-year flood insurance savings and improving the property value by $175K!

Image of Multifamily property for RI Affordable Housing Community Adds $142K in Property Value

LOMA Success Saves $8.5K/Year

RI Affordable Housing Community Adds $142K in Property Value - North Kingstown, RI

Learn how National Flood Experts helped an affordable housing community in North Kingstown, RI, increase the value of their property by $142,000, remove lender mandates for five buildings, and improve annual NOI by $8,500+. Through NFE’s comprehensive engineering review, flood expert survey, and advanced modeling services, five buildings were successfully removed from the high-risk “A” flood zone.

Image of Industrial property for Flooring Showroom Saves Nearly $9K in Premiums

$9,000 in Premium Savings

Flooring Showroom Saves Nearly $9K in Premiums - Fort Myers, FL

NFE's field work and engineering expertise, led to significant cost savings for a wood flooring companies' Fort Myers, FL location, adding major value to their property. Read more to explore NFE's cost-saving solutions for your properties in flood zones.