December 6, 2022

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Flood zones affect real estate sales in Mississippi Coast city

City officers, group members and other folks arrived collectively Tuesday as part of a freshly shaped coalition, S.O.S. Pascagoula, to drive for the repeal of a federal regulation that they say is strangling the city.

“The situation is pervasive and compounding,” mentioned Pascagoula Mayor Jay Willis. “FEMA has overstepped and the impression to Pascagoula is significant.”

Next Hurricane Katrina FEMA drew new flood maps for a lot of the Mississippi Gulf Coastline, which include Pascagoula. The resulting strains put 90% of Pascagoula in a flood zone. Prior to the 2005 storm, 15-20% of Pascagoula was in a flood zone, in accordance to the team.

Tucked within the regulations of FEMA’s flood insurance plan is a little something known as the 50% rule, which city officials’ contend is depressing true estate values, impeding improvement and hurting the town.

“This is crippling Pascagoula,” said Mary Martha Henson, deputy director of the Jackson County Economic Growth Basis.

The 50% rule states that unless of course a house meets FEMA regulations, home owners are only permitted to commit up to 50% of the home’s price in routine maintenance and home improvements in excess of a 10-year period.

Henson and S.O.S. Pascagoula contend that this rule has resulted in qualities currently being abandoned mainly because they call for repairs over and above that 50% figure. Therefore, real estate values in the town are artificially depreciating.

“Folks in Pascagoula have been not able to market their homes, not able to sustain them and unable to insure them, because the federal government has established a standard for flood safety that is not suited for fact,” previous Gov. Haley Barbour reported in a news release asserting the new coalition.

S.O.S. Pascagoula is designed up of Willis, Henson and other city officials, citizens and intrigued get-togethers.

“These neighborhoods have only flooded 1 time in background,” Willis said. “We have to get some reduction from these overreaching federal rules that are gradually killing some of our attractive neighborhoods in Pascagoula.”

20220524_pascagoulahousing_03.jpg
Pascagoula Mayor Jay Willis speaks through a push conference about the founding of a new coalition, S.O.S Pascagoula, at the Joe D. Cole Jr. Municipal Developing in Pascagoula on Tuesday, May 24, 2022. S.O.S. Pascagoula aims to eliminate FEMA limits that they say are producing a lot of Pascagoula properties to be devalued and fall into disrepair. Hannah Ruhoff [email protected]

According to S.O.S. Pascagoula, industrial and residential houses alike are remaining impacted by higher prices of flood insurance and “excessive” Foundation Flood Elevation requirements.

According to info from Zillow, Pascagoula is the most inexpensive put to purchase a dwelling together the Mississippi Coast.

S.O.S. Pascagoula states that politicians at the state amount, which include the governor and senators, have been receptive to their attempts and are hopeful that they can aid get the legal guidelines adjusted.

This story was at first revealed Might 24, 2022 6:35 PM.