Each year, thousands of properties nationwide flood repeatedly. Often built before floodplain management regulations took effect, these properties continue to place a severe strain on the National Flood Insurance fund. FEMA has several financial assistance programs available for communities and interested property owners to acquire, retrofit, or fund other flood mitigation projects.
All these programs are managed through the State Division of Emergency Management’s Mitigation Program.
The reimbursement funding programs noted above require the local government to "sponsor" the applicant from the application stage through the completion of the project.
Another source of financial assistance available to a flood policy holder of a repetitive loss property is Increased Cost of Compliance funding. This rider on your flood policy provides additional coverage to help underwrite a flood mitigation project required by code as a condition to rebuild the damaged building. It can also help pay the non-federal portion of a cost-shared retrofitting project funded under the mitigation programs described above.
Additionally, HUD offers a competitive loan to finance mitigation of single family residences. Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home. For more information, visit HUD.GOV. Lenders on the Pinellas County Program for Public Information (PPI) Committee are available to answer any questions you may have. Contact Nelson Garcia Jr. at Sunpoint Home Loans for assistance. You may also search for additional program lenders on HUD.GOV.