PHILADELPHIA, PA – October 2, 2009 – (RealEstateRama) — The U.S. Department of Homeland Security’s Federal Emergency Management Agency (FEMA) announced today the approval of a grant totaling more than $1.8 million to elevate seven flood-prone homes in West Norriton, Montgomery County.
FEMA will pay a total of $1,830,587 – 90 percent of the project costs, which total $2,033,986. The individual homeowners will pay the remaining 10 percent. Up to 90 percent Federal cost-share funding is provided for approved projects in states, territories, and federally-recognized Indian tribes with FEMA-approved Standard or Enhanced Mitigation Plans or Indian tribal plans that include a strategy for mitigating existing and future Severe Repetitive Loss (SRL) properties.
“This project will mitigate the risk to these repeatedly flood-damaged homes along the Schuylkill River,” said Patricia Arcuri, Acting Regional Administrator for FEMA Region III. “We are committed as an agency to reduce the probability of future flood damage to local communities.”
The grant is administered through FEMA’s SRL Grant Program. The SRL grant program was established to provide funding to reduce or eliminate long-term risk of flood damage to severe repetitive loss residential structures insured under the National Flood Insurance Program (NFIP). Funding for the SRL program is provided by the National Flood Insurance Fund (NFIF) for project activities that will result in the greatest savings to the NFIF through reduction of claims under the NFIP.
After the state reviews the project applications and selects the proposals that meet program eligibility, FEMA reviews those selections to make sure they are cost effective and in compliance with federal law. If the proposals comply with these guidelines, FEMA releases the funds to the state. FEMA is not involved in the application process nor does it select the projects.
Additional SRL information is available at www.fema.gov/government/grant/srl/index.shtm.
In accordance with the Privacy Act of 1974, property addresses cannot be released.
FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards.