A residential building located in a flood zone shall be permitted to be raised to the minimum allowable height to meet FEMA criteria. In an A Zone, this shall be one foot above the most current FEMA advisory or final base flood elevation level as measured to the lowest finished floor, not including basement floors and crawl spaces. In a V Zone, this shall be one foot above the most current FEMA advisory or final base flood elevation as measured to the lowest horizontal structural member. If a residential building elevated pursuant to this section is subsequently substantially destroyed or razed, then any new residential building must be constructed in accordance with the applicable height limitations for the zone in which the structure is located.