This bill expands federal assistance for homeowners in flood-prone areas to voluntarily sell their properties to the government and relocate. The National Flood Insurance Program Administrator can now offer buyouts to owners of repetitively flooded homes, severely damaged structures, or properties that would file maximum coverage claims, provided the local community agrees to take ownership and implement flood mitigation plans. The buyout offer can exceed the actual flood damage claim amount, and homeowners receive their full claim payment regardless of whether they accept a buyout. The legislation also requires communities with significant flooding problems to develop mitigation plans addressing repeatedly flooded areas, with federal assistance available to help implement these plans. Additionally, the bill strengthens federal disaster mitigation funding by increasing federal cost-sharing up to 100 percent for projects in underserved and high-risk communities, and clarifies that property owners and tenants in acquisition or relocation projects are entitled to federal relocation assistance. The voluntary buyout provisions take effect one year after enactment, while other provisions take effect immediately upon passage.
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