ICC Grant

Even five years after Hurricane Katrina many parishes in Louisiana are still rebuilding and repairing their homes and businesses. A central piece of the rebuilding and repairing effort is making sure that structures are built to better withstand another natural disaster. For many, the ability to build safer structures is essential to being able to stay in their communities. The problem is that conforming to current building standards can be complicated and expensive. Fortunately there are companies like Elevations Shoring that can explain and manage the process of bringing buildings above flood levels. Elevations Shoring can literally raise buildings up to 8 feet to get them above flood levels. And, there are state and federal grants available to help offset the costs of elevating your home or doing other construction necessary to make it more flood resistant.
One such grant opportunity is the Increased Cost of Compliance (ICC) program. The ICC is part of the National Flood Insurance Program and can be used specifically to cover the costs of raising your existing home or business above flood level, or to demolish and rebuild a new structure that is complaint with new flood protection guidelines. People who are eligible for an ICC grant are those who have suffered substantial damage from a flood, or have been classified as a “repetitive loss structure” which basically means that your building is in a FEMA designated special flood hazard area. Your structure must also be below the current base flood elevation level, and be covered by an existing flood insurance policy.
Individuals can receive up to $30,000, but the amount awarded is based on your detailed repair estimate and a substantial damage declaration from the community. An ICC grant is available in addition to, not in place of, your flood insurance claims; although Congress has set the maximum combined payout at $250,000 for a residential structure and $500,000 for a business structure. An ICC award does not have to be repaid, and an award does not affect your ability to apply for and receive other grants or aid from other sources toward the cost of rebuilding or repairing your home or business.
For more info goto www.elevationsshoring.com

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ICC Grant

Even five years after Hurricane Katrina many parishes in Louisiana are still rebuilding and repairing their homes and businesses. A central piece of the rebuilding and repairing effort is making sure that structures are built to better withstand another natural disaster. For many, the ability to build safer structures is essential to being able to stay in their communities. The problem is that conforming to current building standards can be complicated and expensive. Fortunately there are companies like Elevations Shoring that can explain and manage the process of bringing buildings above flood levels. Elevations Shoring can literally raise buildings up to 8 feet to get them above flood levels. And, there are state and federal grants available to help offset the costs of elevating your home or doing other construction necessary to make it more flood resistant.
One such grant opportunity is the Increased Cost of Compliance (ICC) program. The ICC is part of the National Flood Insurance Program and can be used specifically to cover the costs of raising your existing home or business above flood level, or to demolish and rebuild a new structure that is complaint with new flood protection guidelines. People who are eligible for an ICC grant are those who have suffered substantial damage from a flood, or have been classified as a “repetitive loss structure” which basically means that your building is in a FEMA designated special flood hazard area. Your structure must also be below the current base flood elevation level, and be covered by an existing flood insurance policy.
Individuals can receive up to $30,000, but the amount awarded is based on your detailed repair estimate and a substantial damage declaration from the community. An ICC grant is available in addition to, not in place of, your flood insurance claims; although Congress has set the maximum combined payout at $250,000 for a residential structure and $500,000 for a business structure. An ICC award does not have to be repaid, and an award does not affect your ability to apply for and receive other grants or aid from other sources toward the cost of rebuilding or repairing your home or business.
For more info goto www.elevationsshoring.com

asked by Larry H. on 10/13/10

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Larry H. · Answer 1 · 2010-10-13T12:47Z

Repetitive Loss Mitigation grant

One of the challenges to rebuilding after Hurricane Katrina has been making sure homes and businesses meet new standards of flood prevention. Companies like Elevations Shoring ( www.elevationsshoring.com) can elevate existing homes and businesses above base flood levels and can reinforce foundations against future flood damage, but for many home owners the cost of these repairs exceeds what their insurance will cover. Fortunately, there are a variety of federal grants available to help offset the out-of-pocket expenses of these repairs and improvements.
One such grant, offered through the National Flood Insurance Program - the only source of flood insurance- is called a Repetitive Loss Mitigation grant. Funds are provided on an annual basis to allow home owners to make necessary repairs or improvements on their homes to reduce the risk of flood damage to homes insured through the National Flood Insurance Program. A residential property that has already had at least four claims for more than $5000, and for which two claims have been made that together exceed the market value of the home.
Homes in high flood risk areas, as determined by the FEMA flood maps, are likely going to be eligible for a Repetitive Loss Mitigation grant. It may seem strange that the same federal agency that provides the flood insurance also offers grants to offset the costs of rebuilding and preparing against future flood damage. However, it actually makes good social and business sense. The cost of preventative work: elevating homes, or rebuilding homes to meet the most current standards in flood protection, will ultimately cost the NFIP less, because less damage over time will mean fewer claim that have to be paid. If NFIP just continued to pay claims as structures were repeatedly damaged and rebuilt in the same ways, it would be a very inefficient system. A payout of a set amount of money to mitigate or prevent major flood damage is more cost effective and creates a better foundation for stable, permanent communities, which supports the state economy.