Title
Resolution to Appropriate $64,280 received from the National Flood Insurance Program’s Grants Increased Cost of Compliance Insurance Program to the City of Hampton Grant Fund to Reimburse the City and Applicable Homeowners for Certain Eligible Expenses Related to the City’s Participation in the Federal Emergency Management Agency’s Severe Repetitive Loss Program
Purpose
PURPOSE/BACKGROUND:
The City of Hampton (the “City”) is a participant in the Federal Emergency Management Agency’s (“FEMA”) Severe Repetitive Loss Grant Program (the “SRL Grant Program”) in an effort to assist residents living in flood zones with funding and resources for the purposes of raising then finished first floor areas above the flood elevation (“Mitigation Elevation”). Pursuant to the SRL Grant Program, 90% of the Mitigation Elevation costs of each qualifying resident are paid by FEMA, with the remaining 10% of the Mitigation Elevation costs a direct responsibility of the qualifying resident (“Resident’s Share”), which has been paid to and is held on deposit by the City. In addition, some homeowner’s have incurred additional costs related to the Mitigation Elevation that were not paid by FEMA. Three residents participating in the SRL Grant Program have applied for Grants Increased Cost of Compliance funds (“ICC Funds”) through the National Flood Insurance Program (“NFIP”) which shall be used to pay for the Resident’s Share and other qualifying unanticipated Mitigation Elevation costs incurred. The ICC Funds will be paid to the City. Once received, the City will retain funds equal to the Resident’s Share and will disburse to applicable homeowners the amount paid by the homeowner currently held on deposit, plus any additional funds received on behalf of the homeowner for additional Mitigation Elevation costs incurred and reimbursed by ICC Funds.
Discussion:
See Purpose/Background above.
Impact:
See Purpose/Background above.
Recommendation:
Rec
Approve Resolut...
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