Environmental
In Oregon, a property located within a FEMA-designated Special Flood Hazard Area (SFHA) requires the buyer to:
APurchase private flood insurance at any cost
BObtain flood insurance if using federally-backed financing, as mandated by the National Flood Insurance Program✓ Correct
CObtain a variance from FEMA before closing
DHave the property elevated before purchase
Explanation
Properties in FEMA-designated Special Flood Hazard Areas (100-year floodplains) require flood insurance as a condition of federally-backed mortgage loans. Lenders are required by the National Flood Insurance Reform Act to mandate flood insurance. Oregon has many properties in SFHAs, particularly along the Willamette River, coastal areas, and flood-prone valleys.
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