SFHA


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AcronymDefinition
SFHASpecial Flood Hazard Area
SFHASan Francisco Housing Authority
SFHAStorage Foundation and High Availability (data storage)
SFHASamoa Family Health Association (International Planned Parenthood Federation)
SFHASouth Fallsburg Hebrew Association (New York)
References in periodicals archive ?
Further, the act and regulation require the lender or its servicer to provide a written notice and to force-place such insurance, if necessary, when a lender learns that a property requires flood insurance coverage because it is in an SFHA as a result of a flood-map change (which is occurring in many communities as a result of the Federal Emergency Management Agency's [FEMA's] map-modernization program).
Forty-one percent are located in the SFHA or A-zone (100-year flood zone), and 9 percent are located in the B/C/X-zones (500-year flood or lower risk zones).
He informed the company that the studies originally conducted by FEMA were notoriously inaccurate, and advised The Cabot Group to survey the building elevations to determine if they were, in fact, at an elevation that would result in them being designated as within an SFHA.
Most insurance underwriters raise the deductible for flood coverage for an SFHA property from the usual $25,000, which typically satisfies a lender's requirement, to $250,000 or more.
SFHA are defined as the area that will be inundated by the flood event having a 1% chance of being equaled or exceeded in any given year.
This act limited federal disaster assistance for nonparticipating communities and also created a mandatory purchase requirement: federally backed or regulated lenders must require the purchase of flood insurance by anyone taking out a mortgage on property acquired or developed in an SFHA.
One way of broadening the program's policyholder base would be to expand the SFHA to a 500-year flood plain, which would significantly increase the number of people required to purchase flood insurance.
However, the average property located in an SFHA has a 42 percent chance of loss from flooding during a 30-year mortgage; this is in comparison to only a 1 percent chance of loss by fire during the same 30-year mortgage.
The SFHA found 50 associations had been swamped with requests from tenants having difficulty paying their rent who were seeking to apply for discretionary housing payments.