2018-03-12-minutes-public-works-study-session

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2. BACKGROUND Hooding has been, and continues to be, a serious risk in the United States—so serious that most insurance companies have specifically excluded flood damage from homeowners insurance. To address the need, the U.S. Congress established the National Hood Insurance Program (NFIP) as a Federal program in 1968. The NFIP enabled propertyowners in participating communities to purchase flood insurance if the community adopted floodplain me nagement ordinances and minimum standards for new construction. However, the owners of existing homes and businesses did not have to rebuild to the higher standards, and many received subsidized ratesthat did not reflect theirtrue risk. Biggert-Wat ers we s paswd by Congress and signed into law by the President in 2012. The law required changes to all of the major components of the progra m, including flood insurance, grants, and the management offloodplains, aswell astheestablishment of nationafflood mapping program. Manyof the changes are designed to ma ke the NFIP more financlally stable and to ensure that flood insurance rates more accurately reflect the real risk of flooding. Biggert-Waters was amended by Congress under the Homeowner Flood Insurance Affordability Act of 2014, which was signed by the President in 2014. FEMA identifies flood hazards, assesses flood risks, and partners with States and communities to provide accurate flood hazard and risk data to encourage communities to take mitigation actions. Flood hazard mapping Is an Important part of the NFIP, as it is the basis of the NR P regulations and flood insurance requirements, FEMA maintains and updates data through FIRMsand risk assessments. FIRMsare based on statistical information, such as data for river flow, storm tides, hydrologic/hydraulic analyses, and rainfall and topographic surveys. FEMA uses the best available technical data toldentify a community's flood hazards. Maps identifying flood hazardsprovide citizens with flood risk information and enable communities to make informed development decisions. With this information, communities areable to adopt and enforce minimum floodplain management regulationsthat reduce the loss of I'de and property. These proactive efforts minimize the financial impact of flooding on individuals and businesses and mitigate the effects of flooding on new and improved structures. FEMA, through its Risk Mapping, Assessment, and Planning (Risk MAP) program, releases new flood maps and data as appropriate, giving communities across America accessto helpful, authoritative data thatthey can use to make decisions about flood risk. FEMA is required to review community flood ma ps every five years and assess whether to revise or update them based on current conditions. To learn more about flood maps and how the Risk MAP program creates and maintains them, please refer to Appendix A. Notkm to Congress. Monthly Update on Road Mapping 2 U4crrnb(tr 2017