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$160M in FEMA Flood Mitigation Assistance Funding Announced.

Friday August 14, 2020 06:32 am - 1103 Views - Posted By Recovery Assistance & Mitigation Planning
$160M in FEMA Flood Mitigation Assistance Funding Announced.

 

$160M in FEMA Flood Mitigation Assistance Funding Announced.

Repetitive Loss Property Elevation and Reconstruction for Eligible Properties Application Opening

Terrebonne Parish announces that it is accepting applications for elevation and demolition reconstruction[1] for Severe Repetitive Loss (SRL) and Repetitive Loss properties.  This is a nationally competitive application, but the Parish has been successful in competing in the past and is optimistic that the programs will be awarded funding again.  FEMA has announced $160M available through Flood Mitigation Assistance program.  Last year, the Parish was selected for review of $11.7M in federal funding from this program for drainage and elevation projects.

The Parish hopes to help as many people as possible.  If successful in this national competition, SRL properties would receive 100% funding, and RL properties, 90%.  The homeowner provides the required local match.  Insurance benefits can be used to provide that match if eligible.  The Parish and our consultants will continue to reach out directly to eligible applicants.

FEMA provides the Parish with a list of eligible properties under a formal, confidential agreement.  A Severe Repetitive Loss (SRL) property has lost 100% of its value in flood claims through the National Flood Insurance Program, or has flooded at least 4 times with claims over $5,000, with two of those claims in a ten year period.  Policy holders should consider this when deciding whether it is “worth it” or not to make a claim after they get water in the house.  That small claim may be the key to a 100% elevation grant.  A Repetitive Loss (RL) property, for this grant, is any property with two claims that added together are greater than 50% of the value of the structure.

Flood insurance is required to apply for this application, and it needs to be in place for September 30th.  Flood insurance takes 30 days to come into force, so all interested parties must purchase flood insurance by the end of August to ensure eligibility. 

The Parish may, if there is a demand, may submit an application in a different grant for elevations of addresses not identified as top priorities. These would be funded, if awarded, at 75% federal, 25% from the owner.  Flood insurance is not required up front for that grant, but the cost is higher to the homeowner.  All grant funded flood reduction projects require flood insurance to be maintained for the life of the structure after it is elevated.

Each project will compete at the state and federal levels for funding.

For inquiries, call Jennifer Gerbasi at 873-6565.

 

 

[1] Structures in the V zone are not eligible for the demolition rebuild option, but can elevate with the FEMA grant.

 

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