Impact of New Flood Maps after Hurricane Sandy

State of New York Mortgage Agency (SONYMA) provides low-interest mortgages to low- and moderate-income, firsttime homebuyers throughout New York State. SONYMA has a portfolio of nearly 33,470 loans totaling $2.9 billion. It is estimated that more than 724 loans in SONYMA’s portfolio were impacted by Hurricane Sandy. The Capstone team was tasked to evaluate the impact of the new flood zone maps on SONYMA’s portfolio, with particular focus on flood insurance premiums and the cost to borrowers for rebuilding and elevating homes. The team analyzed the changing flood zone maps using Geographic Information System (GIS) software, showing SONYMA’s portfolio in reference to Federal Emergency Management Agency’s (FEMA) new Base Flood Elevation maps, and conducted research of state and federal legislation to provide policy recommendations to SONYMA. As part of its final body of work, the Capstone team published detailed information for new homebuyers on SONYMA’s website, including pertinent background information and flood insurance requirements.