Flood Mitigation Funding - HMGP - FMA - Shore Up CT Emmeline Harrigan, AICP, CFM 1
Federal FEMA Funding: Hazard Mitigation Grant Program Flood Mitigation Assistance HMGP and FMA Contact: Emily Pysh, CFM State Hazard Mitigation Officer CT Division of Emergency Management and Homeland Security Department of Emergency Services and Public Protection
Hazard Mitigation Grant Program (HMGP) Application • Elevation, Acquisition, Relocation • Reimburses 75% project cost • 25% Non-Federal cost share • State is Applicant to FEMA • Grant Type determined by town as sub- applicant – limited interest in acquisitions
Hazard Mitigation Grant Program (HMGP) Elevation Applications 3 disasters – Irene, Lee, Sandy 156 elevation applications 21 withdrawn 4 denied 22 still in active review
Current HMGP Costs Active HMGP Elevations: $13,597,243 – 3 disasters – 156 homes Completed Elevations: $691,645 – 6 projects Rejected/Withdrawn Projects: $2,257,418
HMGP Acquisitions $2,167,581 under Sandy Riverine communities: Plainville and Southbury
Flood Mitigation Assistance (FMA) Applications • Elevation, Acquisition, Relocation • Severe Repetitive Loss Properties (100% cost reimbursement) • Repetitive Loss Properties (90%) • NFIP insured (75%) • State is the Applicant • Town is sub-applicant and selects grant type available – few acquisitions
Non-Federal Share • Increased Cost of Compliance (ICC) – NFIP $30K coverage for elevation, floodproofing, relocation, or demolition (or combination). • Property Owner • Town (Not likely) • CT acquisitions - $2 million in bond funds for 25% share for HMGP • Shore Up CT bridge & gap financing
Connecticut’s Shoreline Resiliency Fund Emmeline Harrigan, AICP, CFM 9
Shoreline Resiliency Fund aka Shore Up CT October 2013 – Governor Malloy • Announced Shoreline Resiliency Fund CT January 2014 - Legislature • approved $25 million in funding to be administered by Department of Housing (DOH). March 2014 – DOH selected • Housing Development Fund as Fund Manager and awarded $2 million start up funds. July 28, 2014 – Shore Up CT • Program Launch August 2014 -$3 million released • by the Bond Commission 10
Program Partners 11
Shore Up CT Loan Overview • 15 Year Term • 2.75% interest rate (2.895% APR*) • 1% origination fee • Minimum $10,000 to maximum $300,000 • No monthly principal or interest payments for the first 12 months *APR is based on Loan Amount of $125,000 - 168 payments of $897.29 12
Location Eligibility: VE or AE Flood Zone Properties 13
Flood Map (FIRMette) 14
Elevation & Flood-proofing for Eligible Properties • Primary and secondary single family homes, 1-4 unit owner-occupied rentals, businesses • Single family homeowners must live in property at least 14 days per year. • Businesses must have 100 or less employees and must be in good standing with all state agencies 15
Eligible Costs Surveying and Engineering Design • Local & State Approvals/Permitting Costs • Site Preparation & Excavation • Lifting & Foundation Costs • Utility disconnection & reconnection • Stairs, railings, & Code required landings • Existing decks/porches only • H/C ramp, lift , or elevator with documentation • Gutters & leaders • Soil stabilization (grass) & Final site clean up • 16
Project Requirements • Residential Elevation to the 500 year flood risk height plus at least 1 ft. free board Example: Existing AE-11 AE-11 x 1.25 = 13.75 Plus 1 ft = FFE 14.75 • Commercial Projects: 100 yr +1 17
500-yr + Freeboard Benefits • Higher is safer. • Accommodates future sea level rise. • Today’s 500 - year flood = tomorrow’s 100-year flood. • Lower flood insurance premiums Required for State funds spent in the flood zone. 18
Rating Examples: Impact of Loss of Subsidies $2,235/yr $2,235/yr Non-Actuarial $2,235/yr $819/yr $5,623/yr Actuarial 25,000+/yr Building $200,000 and Contents $80,000 (2012 rates) Example of how NFIP rates may increase when the Biggert-Waters Flood Insurance Reform Act of 2012 is implemented
Insurance Increase Example • Primary Residence: Base Insurance Cost $1,200 • Actuarial Risk Rate $9,500 Renewal Term Cost Subsidy Percent Increase Base $1,200 18% per year Year 1 $1,441 $216 + $25 surcharge Year 2 $1,725 $259 + $25 Year 3 $2,060 $310 + $25 Year 4 $2,400 $370 + $25 Year 5 $2,857 $432 + $25 20
Insurance Increase Example Second Home, Rentals, Severe Repetitive Loss, • Substantially Improved/Damaged: Base Insurance Cost $1,200 Actuarial Risk Rate - $9,500 • Renewal Term Cost Subsidy Percent Increase Base $1,200 25% per year Year 1 $1,750 $300 + $250 surcharge Year 2 $2,438 $437 + $250 Year 3 $3,298 $609 + $250 Year 4 $4,373 $825 + $250 Year 5 $5,716 $1,093 + $250 21
Foundation Types VE & Coastal AE (LIMWA) AE 22
Where to start: www.shoreupct.org 23
Two-Part Application Process 1. Project 2. Uniform Residential Loan Application Information Form • 2 yrs pay stubs • Plans and Specs • 2 yrs W-2s • 2 yrs tx returns • Local Permits • Social Security and Pension • Costs & Contracts Award Letter • 2 year Business Tax Return • Construction • 2 Months Bank Statements Schedule • Complete Copy of Trust (if • State Reviews property is owned by Trust ) 24
Positive Demand • 260+ inquiries/16 months • 90+ Pre- qualifications • 5 Refinance Loans closed • $700K 25
Inquiry Distribution 26
Loans in Progress • 1 construction loan finished ($200K) • 1 construction loan approved ($165K) • 9 Project applications pending ($145K average) • Approximately $1.2 million pending 27
Paired Programs • 2 CDBG-DR gap funding applications submitted • 2 HMGP-paired construction loan. More expected as local permits granted. 28
Visit www.ShoreUpCT.org today for more information 29
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