Most of the money is federal and will be augment by SBA loans
Florida has a new program called "Elevate Florida" and it's not about raising the state's image or profile. It's about raising its houses in areas that are prone to flooding.
Floridas emergency management director announced the program this week. It offers grants and low-interest loans to assist with home elevation, which is expected to reduce future insurance claims and legal disputes as flooding and storms become more frequent.
Kevin Guthrie, executive director of the Division of Emergency Management, said the program will integrate existing federal and state resources for the first time.
Homeowners impacted by recent storms can apply for grants to elevate their homes above the base flood level, though they must contribute 25% of the total cost.
A new idea?
This has never been done before, Guthrie said. When we presented this, the mitigation and resiliency guys at FEMA said that no one has thought of that before.
To cover this down payment, homeowners can access Small Business Administration (SBA) loans up to $500,000, with favorable terms (no interest for the first year and a 2.8% interest rate thereafter), he said.
The funding for the grants is essentially federal. Some $2 billion in federal disaster relief funds were made available after Hurricanes Debby, Helene and Milton hit Florida this fall. Most of that can be used to assist stricken homeowners, but some of it can also go to elevation and mitigation programs, Guthrie said.
The federal government has allocated $2 billion in disaster relief funds for Florida, which can be used for elevation and mitigation projects. Additionally, homeowners may use the SBA loans to refinance existing mortgages, often at lower interest rates.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-12-13 21:31:57
