This bill would permit the Federal Emergency Management Agency (FEMA) to provide capitalization grants to states to establish revolving funds to address flood risks. Such funds may be used to provide: (1) financial assistance to participants in the National Flood Insurance Program, including homeowners, businesses, nonprofit organizations, and local governments; or (2) support for leveraged loans or state bonds. Financial assistance may be used for elevation projects, flood-proofing activities, relocation or removal of buildings, environmental restoration, acquiring property, obtaining protective easements, and other activities identified by FEMA.

WHY WE LIKE IT

The federal government and states need to pursue greater investment before disasters strike to help protect our communities and lower the cost burden on American taxpayers as future floods occur. With federal backing and local engagement, this legislation would allow each state to select and implement the types of mitigation projects best suited to the unique flood hazards it faces. The bill is a cost-sharing partnership that is capitalized, in part, with federal monies administered by states, and tailored to unique local needs, which could provide a long-term, self-sustaining source of financing for a wide range of projects.

Read H.R.1610 online.