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1 1 (November 29, 2023)

handle is hein.crs/govenpd0001 and id is 1 raw text is: Congressional ____ S£ Research Service ~ nforrning th2 Iegislative debate since *|914 Flood Buyouts: Federal Funding for Property Acquisition Updated November 29, 2023 Flooding is the most frequent natural disaster in the United States and experts expect effects to intensify in the future. Buyouts offer one way to reduce flood risk. Unlike other approaches to flood mitigation, buyouts eliminate future losses by removing properties from areas at risk of flooding. A flood buyout is a property acquisition in which a government agency purchases private property, relocates or demolishes any structures on it, and preserves the land as open space in perpetuity to restore and conserve natural floodplain functions. The local government is responsible for maintaining parcels of bought-out land and buyout programs generally do not include funding for future design, maintenance, or use of bought-out land. In the case of property acquisition and demolition, often using federal funding, a local or state government purchases flood-prone land and structures from willing sellers and demolishes the structures. Alternatively, state or local governments purchase land from willing sellers and assist the property owners with relocation to another site. If the new location is in a flood zone, the structure must meet the community's building codes (e.g., elevation above a certain height). In both cases, the bought-out land must be maintained as open space. Federal Funding for Buyouts Flood buyouts can be funded by several federal programs: Any of the Federal Emergency Management Agency (FEMA) Hazard Mitigation Assistance (HMA) grant programs: the Hazard Mitigation Grant Program (HMGP), the Building Resilient Infrastructure and Communities Grant Program (BRIC), the Flood Mitigation Assistance Grant Program (FMA), and the Safeguarding Tomorrow Revolving Loan Fund Program; National Flood Insurance Program (NFIP) Increased Cost of Compliance Coverage; FEMA Public Assistance; Congressional Research Service https://crsreports.congress.gov IN11911 CRS INSIGHT Prepared for Members and Committees of Congress

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