NEW CRIST BILL BOOSTS MITIGATION, HELPS LOWER FLOOD INSURANCE PREMIUMS

Bipartisan Legislation Helps Homeowners and Businesses Better Protect Property From Storm Damage

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Washington, October 17, 2018 | comments

U.S. Representative Charlie Crist (D-St. Petersburg) introduced the State Flood Mitigation Revolving Fund Act (H.R. 7037) to drive down flood insurance premiums by creating a low-interest loan program to help property owners better protect their homes and businesses from storm damage, ultimately reducing post-disaster claims. Crist is a member of the House Financial Services Committee that oversees the National Flood Insurance Program (NFIP). He was joined by U.S. Representative Roger Williams (R-TX) in introducing this bipartisan bill, which has the support of Pew Charitable Trusts, Association of State Floodplain Managers, Association of State Wetland Managers, Enterprise Community Partners, Consumer Mortgage Coalition, and Union of Concerned Scientists.

"Bringing down flood insurance premiums while helping folks better protect their homes from storm damage is a win-win for Pinellas families and businesses," said Rep. Crist. "Mitigation is key to reducing post-disaster relief costs, saving taxpayer dollars, and building more resilient communities in the face of more extreme weather and rising sea levels. The devastating storms we've seen within the last year speak to the urgent need for federal action on flood mitigation programs, protecting public safety and our economy."

"Flooding is the most common and costliest natural disaster in the United States and it was pastime to address the need for mitigation," said Rep. Williams. "This legislation will prevent federal post-disaster spending and minimize the unforeseen burdens on American families, as well as the economy."

State Flood Mitigation Revolving Fund Act Background:
Modeled after the successful Clean Water and Drinking Water State Revolving Loan Funds, H.R. 7037 would establish a state revolving loan program to help fund flood mitigation projects for homeowners, businesses, nonprofits, and communities. The program would help states offer low-interest loans to NFIP participants for flood mitigation projects to better protect their properties, reducing post-disaster claims. For those participating in the program, FEMA would offer NFIP premium reductions in line with mitigation efforts taken.

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