The commercial real estate finance industry is facing substantial challenges due to climate change, particularly with respect to extreme flooding. As flood events continue to occur more frequently and with greater severity across the US, the role of the Federal Emergency Management Agency (FEMA)—and its administration of the National Flood Insurance Program (NFIP) and flood zone maps—are coming under greater scrutiny as part of overall assessment of risk and reward in commercial real estate finance and development. How are state and local governments, lenders, insurance companies and industry groups reacting to the inherent weaknesses of flood insurance combined with the greater number of damaging floods that are threatening commercial real estate? To find out, read Flood Insurance, Commercial Real Estate and Climate Change by Jason S. Rozes and Alexandra M. Hill.