New Jersey Gov. Phil Murphy signed into law the Flood Risk Notification Law (P.L. 2023, c.93) on July 3, 2023, amending the Truth-in-Renting Act (P.L. 2001, c.313) and supplementing the Consumer Fraud Act (P.L. 1960, c.39),...more
The New Jersey statute concerning real property and flood notifications, commonly referred to as the Flood Hazard Disclosure Law, was enacted on July 3, 2023. The law imposes certain disclosure requirements on both landlords...more
Effective immediately, Section 231-B of New York Real Property Law (Section 231-B) has been amended to require that every existing and prospective residential lease provide a notice to the tenant related to the leased...more
New York home sellers now must disclose information about flood risk, flood history and flood insurance to potential buyers under legislation recently signed by Gov. Kathy Hochul, further amending the requirements of the...more
Flooding is the most common natural disaster in the United States, with every state having experienced some aspect of it in recent years1. Storm surge flooding, which occurs particularly in coastal areas as the result of...more
One of the issues contributing to an increasingly volatile construction space for owners and developers is the cost and availability of insurance during and after construction of a project. As a result of accelerated climate...more
For the first time in nearly a decade, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Farm Credit Administration, and the National...more
In a last minute move to avert a mini-financial disaster, yesterday the Senate passed, and the president signed, a bill to extend the NFIP until November 30, 2018. The House had previously passed a companion bill....more
The Federal Emergency Management Agency (FEMA) and New York City have announced that they will be working together to update the City’s flood flood-300x200maps. The need for updating FEMA’s flood maps has become more than...more
As reported by the New York Times earlier this month, the Federal Emergency Management Agency (“FEMA”) is “for the first time in three decades” redrawing flood maps in the state of New York. As noted, New York has over 500...more
Bill Deron bought a 100-acre tract next to a creek outside the City of Houston. Deron planned to build a subdivision where some of the homes abut a creek. The other homes would sit about 15 feet higher than the creekside...more
Federal regulators have finalized a joint rule that amends regulations relating to loans secured by properties in special flood hazard areas. The final rule implements changes to the Flood Disaster Protection Act of 1973...more
When Super Storm Sandy struck the Northeast on October 29, 2012, states, cities, municipalities and towns up and down the East Coast ordered hundreds of thousands of people to evacuate from their homes and businesses. In the...more
Five federal regulatory agencies on October 24 announced the approval of a joint notice of proposed rulemaking to amend regulations pertaining to loans secured by property located in special flood hazard areas. The proposed...more
In this issue: - In preliminarily denying two exemption requests, the SEC takes a stand for market transparency in ETFs and upholds the arbitrage mechanism that allows market prices to closely track NAVs. -...more
A story in E&E Daily on October 30 highlighted the difficult choices – including political choices – that are going to have to be faced in the process of adapting to climate change. The story noted that a number of...more
On October 11, five agencies issued a joint notice of proposed rulemaking to amend regulations related to loans secured by property located in flood hazard areas. The proposed rule would implement portions of the...more