The numbers are in on the legislation, and NAHB's experts estimate that in 2014, the new law will result in a total of more than $1 billion of housing market activity, including:
- $755 million in new home construction because the new law makes it easier for prospective new home buyers to sell their existing home and trade up.
- $361 million in additional remodeling activity because the legislation eliminates insurance costs that some home owners would have been required to pay on certain remodeling jobs.
In addition, the legislation requires the Federal Emergency Management Agency to take local flood control structures into account during the remapping process and provides reimbursement for successful consumer map appeals. It also restores the "substantial improvement threshold" that triggers a higher flood insurance rate to the historic 50 percent of a structure's fair market value, which is important for many remodelers.