first_img Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News  Print This Post Previous: What are the Presidential Candidates’ Views on Housing? Next: Housing Market Braces for Rate Cuts Home / Daily Dose / Equipping Homeowners for Floods Demand Propels Home Prices Upward 2 days ago September 16, 2019 962 Views Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago According to Director of the Water & Climate Team at the Natural Resources Defense Council Rob Moore, the existing National Flood Insurance Program (NFIP) is not equipped to handle the financial reality of today’s storms. In an opinion piece published on The Hill, Moore stated that the NFIP’s debt load is growing, as the program, originally intended to encourage communities to take steps to progressively reduce the risk of flooding, has done the opposite. However, new legislation such as the National Flood Insurance Program Reauthorization Act of 2019 may “turn the tide.”“The NFIP bill includes language that would make voluntary buyouts an eligible activity for ICC coverage,” Moore told The Hill. “These are funds that policyholders typically use to elevate a property. Increasing the coverage amount and clarifying that voluntary buyouts are available would simplify and shorten the buyout process, making buyouts a more viable option for residents of flood-prone areas.”Climate change-related impact, including extreme rain and more frequent flooding means communities require additional resources to prepare for this risk.“That’s where the creation of the state revolving loan fund comes in,” Moore said. “According to the bill, states can use the fund to make grants or loans to local communities for mitigation activities, like home elevations or buyouts, to decrease flood risk.”Senator Cindy Hyde-Smith of Mississippi is proposing an update to the NFIP, which aims to address the multiple extensions the Program has undergone with a long-term extension plan.“We’re trying to flip the script on mitigation projects, from being reactionary to being proactive.  This is the first bill that provides a significant amount of real money for pre-disaster mitigation, which would give taxpayers a better return on investment.  It is far more expensive to rebuild after a disaster than it is to do everything you can to protect yourself beforehand,” Hyde-Smith said in a statement. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago flood nfip 2019-09-16 Seth Welborn Sign up for DS News Daily Tagged with: flood nfip Equipping Homeowners for Floods Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img

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