S. 1545: Repeatedly Flooded Communities Preparation Act

The "Repeatedly Flooded Communities Preparation Act" aims to amend the National Flood Insurance Act of 1968 to enhance accountability and preparedness in communities that frequently experience flooding. The main components of the bill are as follows:

Definition of Covered Communities

The bill introduces the term "covered community," which refers to a community that:

• Is participating in the national flood insurance program.
• Has at least 50 structures that have experienced multiple flood insurance claims over a ten-year period totaling more than $1,000.
• Has five or more severe repetitive loss structures where no mitigation efforts have been undertaken.
• Includes any public or private nonprofit facility that has received flood-related repair assistance for more than one flooding event in the last ten years.

Requirements for Covered Communities

Once categorized as a covered community, the following requirements are mandated:

• Identifying Flood-Damaged Areas: Communities must locate areas with properties that have repeatedly flooded.
• Risk Assessment: Communities are required to assess ongoing flooding risks in these areas, with assistance from the FEMA Administrator.
• Mitigation Plans: Develop and implement a specific plan aimed at reducing flood risks in the highlighted areas.
• Plan Submission: Submit the plan and any updates to FEMA for review.
• Public Accessibility: Ensure the developed plans and reports on risk reduction efforts are available to the public.

Incorporation of Plans

Communities may choose to incorporate their flood risk mitigation plans into existing mitigation plans developed under related federal disaster relief acts.

Assistance to Communities

The bill allows FEMA to provide:

• Data Support: Data on insured properties to assist communities in plan development.
• Mitigation Grants: Consideration of a community's compliance with the new requirements when determining financial assistance for flood mitigation.

Sanctions for Non-Compliance

Should a covered community fail to meet the standards set forth in the Act, FEMA may impose sanctions, which could include:

• Suspension: Suspension from the national flood insurance program.
• Probation: Being placed on probation within the program.

Before imposing any sanctions, FEMA must notify the community of non-compliance and provide recommendations for rectification.

Reporting and Regulations

The FEMA Administrator is tasked with reporting to Congress every two years on the progress of covered communities in implementing their flood risk reduction plans. Regulations necessary for the implementation of these measures are to be issued within one year of the bill's enactment.

Relevant Companies

• FLOOD: This company may be involved in flood mitigation technologies and infrastructure, potentially seeing increased demand for services in areas affected by the new legislation.
• FEMA: Although not a publicly traded company, it plays a crucial role in administering the programs and could see changes in operations and funding requirements.