Expanded Flood Buyouts and 100% Mitigation Funding for High-Risk Communities.
This law expands options for the government to voluntarily purchase repeatedly flooded homes, offering owners a chance for safe relocation and potentially more money than their insurance claim. It mandates high-risk communities to develop flood mitigation plans while increasing federal financial support (up to 100% of costs) for protective measures in vulnerable and low-income areas.
Key points
Owners of repeatedly flooded homes can receive an expedited, voluntary government buyout offer, potentially exceeding the insurance claim amount, to facilitate relocation.
Low-income and high-risk communities are eligible for up to 100% federal funding for projects designed to protect against future flood damage.
Local governments with many repeatedly damaged properties must create and implement public plans to reduce long-term flood risk.
Status:
Expired
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