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I have been actively following the comments on the redevelopment issue on Broadway. From what I can tell, the majority of Warfleigh who have commented are against this development. Many of the negative comments refer to all the rentals in our neighborhood and the concern for more rentals. EXACTLY!
How can this happen?
- Although the some of the ill-effects of the Biggert Waters Act of 2012 have been repealed temporarily by the Homeowner Flood Affordability Act of 2014. As it stands now, the new premium flood insurance rates will be phased in over 5 years, by 20 percent a year, to reflect the current risk of flood to a property. You should have already experienced your first increase in 2014.
- As we approach 2018 and our flood insurance becomes more and more costly, there will be homeowners that cannot afford the annual cost of the required flood insurance. Based on conversations that I have had with current and prospective homeowners in Warfleigh, who are not “grandfathered” in to the old plan, we can expect to pay $8,000 – $10,000+/year.
- If you are not able to afford the new rates and you still have a mortgage, you are either going to have to sell or abandon your home. And again, based on everything I have heard, current selling prices are already going for less than market rate.
- Who is going to buy your home? Yes, individuals or companies looking for a cheap investment to turn into a rental. Most likely they don’t care HOW they will keep up the neighborhood homes that they buy. Look around Wafleigh now …. Although there are some rentals that are kept up, many are not.
- Warfleigh will turn into another unstable and transient neighborhood in Indianapolis.
- If you have not been to the moveon.org website to view our petition, here are some of the comments we have received.
“Please get the levee completed or watch Warfleigh die a slow and painful death as we drown under outrageous flood insurance premiums. “
”This entire project has been in the works for almost 20 years with the final goal of removing Warfleigh from the flood plain. It would be a shame to not finish the project and relieve the residents from the onerous flood insurance which serves as a deterrent when trying to sell a property. ”
“As a Residential Mortgage Banker with 25 yrs experience, I’ve seen a detrimental impact on the salability of Single Family homes in the Warfleigh and Meridian Kessler neighborhoods due to Biggert-Waters. Home values are being impacted and lives disrupted. ”
“I’m a Real Estate Broker and this action impacts my ability to effectively represent my Warfleigh clients as the promise was made and now needs to be fulfilled. I’m embarrassed that this is still being talked about and has not been properly resolved as homeowners were told that this would come to fruition. “