March 31, 2006

Daily News in Jacksonville Changes proposed to CAMA 50% rule

The Daily News, Jacksonville NC reports on possible changes to the CAMA rules for non-conforming structures.
Under current CRC rules, work is considered replacement if the cost exceeds 50 percent of the physical value of the structure at the time of damage. The cost to repair is to be determined by the local building inspection office. (snip) Draft revisions to the 50-percent rule presented to the I&S Committee last week changes "physical value" to market value and defines the term to mean the structure's value independent of the land value or any accessory buildings. The cost to repair could be determined by a licensed general contractor, insurance adjustment papers or state or federal inspectors.
Ray Sturza, a member of the Coastal Resources Advisory Committee, spoke against this idea.
"I think it's real estate 101, location matters," Sturza said. "Once you take location out of the equation, I don't see how you determine the value."
You rock Ray. Lets hope this gets discussed a good deal more. Probably the biggest factor is making sure the the CRC rules and FEME-Federal Flood rules use the same milestone. The goal is to bring properties into compliance with current regulations. The trigger if the trigger value is 50% for both programs lets hope we can get it measured the same way so property owners (and local governments) will be able to figure out easily when a property must be upgraded and when improvements are not required to meet current rules. Property owners have a lot of incentive to try to not meet standards but the communities will be much better served if they do. Storm damage will be reduced, water quality improved etc.
Keep an eye on this, it does not look like a good idea.

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