FMA was created as part
of the National Flood Insurance Reform Act (NFIRA) of 1994 (42 U.S.C.
4101) with the goal of reducing or eliminating claims under the
National Flood Insurance Program (NFIP). FMA regulations can be
found in 44 CFR Part 78. Funding for the program is provided through
the National Flood Insurance Fund. FMA is funded at $20 million
provides funding to assist States and communities in implementing
measures to reduce or eliminate the long-term risk of flood damage
to buildings, manufactured homes, and other structures insurable
under the National Flood Insurance Program (NFIP).
There are three types
of grants available under FMA: Planning, Project, and Technical
Assistance Grants. FMA Planning Grants are available to States and
communities to prepare Flood Mitigation Plans. NFIP-participating
communities with approved Flood Mitigation Plans can apply for FMA
Project Grants. FMA Project Grants are available to States and NFIP
participating communities to implement measures to reduce flood
losses. Ten percent of the Project Grant is made available to States
as a Technical Assistance Grant. These funds may be used by the
State to help administer the program. Communities receiving FMA
Planning and Project Grants must be participating in the NFIP. A few
examples of eligible FMA projects include: the elevation,
acquisition, and relocation of NFIP-insured structures.
States are encouraged
to prioritize FMA project grant applications that include repetitive
loss properties. The FY 2001 FMA emphasis encourages States and
communities to address target repetitive loss properties identified
in the Agency's Repetitive Loss Strategy. These include structures
with four or more losses, and structures with 2 or more losses where
cumulative payments have exceeded the property value.
State and communities
are also encouraged to develop Plans that address the mitigation of
these target repetitive loss properties.