G 3 Basics Grant Development, Grant Compliance, and Grant Accounting.
Increased Cost of Compliance The Basics (Last updated July 25, 2006)
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Transcript of Increased Cost of Compliance The Basics (Last updated July 25, 2006)
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Increased Cost of Compliance
The Basics
(Last updated July 25, 2006)
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What is eligible for ICC money?
Structures: substantially damaged (greater than 50%)
by a flood or considered a repetitive loss and in the 100-year floodplain (the Special
Flood Hazard Area) and below the current Base Flood
Elevation (BFE) or higher local standard and covered by a standard flood insurance
policy
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What is not eligible?
Structures already above the current BFE or in the X Zone, unless the community adopts a higher standard such as the ABFE
Structures covered by a Group Flood Insurance Policy, has condominium unit coverage, or has a policy issued or renewed in a parish or community that is part of the Emergency Program
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Caution
Small Business Administration loans and Community Development Block Grants require using Advisory Base Flood Elevations
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How much money can I get?
Maximum of $30,000 Based on a proof of loss, a detailed
elevation cost estimate/contract, and a substantial damage declaration from the community
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ICC relationship to your flood policy
Maximum you can collect for a single-family dwelling is $250,000 including an ICC claim payment
$500,000 for a non-residential structure
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What can I use the money for?
Meeting local floodplain ordinance requirements for rebuilding and repairing in ways that reduce future flood damage
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What are my options?
Flood proof (non residential structures) Relocate Elevate Demolish
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How do I make a claim?
Contact your insurance company/agent/adjuster
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Are there deadlines?
Four years from the date of the substantial damage declaration or repetitive loss declaration
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I qualify for ICC. But it is not enough to elevate, relocate, demolish or flood proof my home/business. Can I get money from another program to make up the difference?
Hazard Mitigation Grants Program (www.fema.gov/fima/hgmp)
Flood Mitigation Assistance (www.fema.gov/fima/fma)
Your community official must apply on your behalf
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For additional information
Contact: The Floodplain Administrator in each
parish or community Your insurance agent NFIP at 1-800-427-4661 Visit the FEMA Web site at
www.fema.gov/business/nfip