The Federal Flood Risk Management Act of 2024 establishes new federal standards requiring government agencies to evaluate and reduce flood risks when undertaking projects or managing federal property. The bill requires agencies to apply a climate-informed approach using updated elevation standards, adding two additional feet to standard flood elevations for regular projects and three feet for critical infrastructure, and to consider 0.2 percent annual flood probability areas. Affected parties include all federal agencies conducting projects in floodplains, state and local governments, and the private sector undertaking federally funded construction projects. The law mandates that agencies must consider alternatives to floodplain development, prefer nature-based solutions when possible, and notify affected communities before proceeding with projects in flood-prone areas. The bill requires each agency to submit implementation reports to the Council on Environmental Quality within one year of enactment, with the Water Resources Council evaluating compliance every two years, and calls for the standards themselves to be updated at least every five years based on evolving climate science.
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