Bill > S2862

This bill, the Promoting Flood Risk Mitigation Act, requires the Comptroller General of the United States to conduct a study on the buyout practices of the Federal Emergency Management Agency (FEMA). The study will assess the efficacy of current buyout practices and ways to streamline the process to provide more timely assistance to state and local governments. The study will consider and analyze current and future trends in repetitive loss and severe repetitive loss structures insured under the National Flood Insurance Program, the availability of funding sources for buyout programs, the length of time for property acquisition, and the socioeconomic status of buyout recipients. The bill also explores the potential for a pilot program where eligible property owners can pre-agree to have their primary residence purchased after substantial flood damage, with financial assistance and incentives provided to participating state and local governments.

Housing and Urban Affairs

https://www.congress.gov/bill/115th-congress/senate-bill/2862/all-info