Charlie Crist wants Low-Interest Loans on NFIP Participants

In an effort “to drive down flood insurance premiums by creating a low-interest loan program to help property owners better protect their homes and businesses from storm damage, ultimately reducing post-disaster claims,” Representative Charlie Crist has unveiled the “State Flood Mitigation Revolving Fund Act,” which has also been cosponsored by Republican Representative Roger Williams.

Crist’s office commented on the measure, noting that “Modeled after the successful Clean Water and Drinking Water State Revolving Loan Funds," the legislation "would establish a state revolving loan program to help fund flood mitigation projects for homeowners, businesses, nonprofits, and communities,” and it  “would help states offer low-interest loans to National Flood Insurance Program (NFIP) participants for flood mitigation projects to better protect their properties, reducing post-disaster claims.”

This week, Crist also detailed his thoughts on the bill, saying that “Bringing down flood insurance premiums while helping folks better protect their homes from storm damage is a win-win for Pinellas families and businesses. Mitigation is key to reducing post-disaster relief costs, saving taxpayer dollars, and building more resilient communities in the face of more extreme weather and rising sea levels. The devastating storms we've seen within the last year speak to the urgent need for federal action on flood mitigation programs, protecting public safety and our economy."

Representative Williams also added that “Flooding is the most common and costliest natural disaster in the United States and it was pastime to address the need for mitigation. This legislation will prevent federal post-disaster spending and minimize the unforeseen burdens on American families, as well as the economy."

The legislation has been sent to the House Financial Services Committee, which is in charge of overseeing the NFIP.

Charlie Crist is a member of the U.S. House Financial Services Committee, and the legislation has received support from the Consumer Mortgage Coalition, the Union of Concerned Scientists and the Enterprise Community Partners among other organizations.