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<br /> , <br /> '.' <br /> (\t I <br />", <br /> '.. <br />.) , <br />C <br /> 1. Q. <br /> ~~ <br /> A. <br /> <br />e <br /> <br />e <br /> <br />Background and Introduction to National Flood Insurance Program <br /> <br />What is the National Flood Insurance Program? (1) <br /> <br />It is a Federal program enabling property owners to buy flood <br />insurance at a reasonable cost. In return, communities carry <br />out local flood plain management measures to protect lives and <br />new construction from future flooding. <br /> <br />2. Q. How was the Program created and who administers it? (2) <br /> <br />A. Congress established the Program with the National Flood Insurance <br />Act of 1968. Broadened and modified since then, the Program is <br />administered by the Federal Insurance Administration within the <br />Federal Emer~ency Management Agency (FEMA). <br /> <br />Why is the Program important for property owners? For taxpayers? (4) <br /> <br />3. Q. <br /> <br />( <br /> <br />4. Q. <br /> <br />l: <br /> <br />A. <br /> <br />For a reasonable cost, people owning or buying property in the flood <br />plains can now insure against flood losses. With more careful local <br />management of the flood plains, new construction, if permitted by <br />local governments, will better withstand flooding. As a result, tax- <br />payers will be called upon fewer times to provide costly relief for <br />flood disasters. It is estimated that by the year 2000 the flood <br />insurance program will save American taxpayer and flood victims <br />$1.7 billion a year. <br /> <br />How is the program structured? (5) <br /> <br />A. A community qualifies for the Program in two separate phases - the <br />Emergency and Regular "Programs". <br /> <br />During the initial, Emergency phase, limited amounts of flood insurance <br />become available to local property owners. A community's efforts to <br />reduce flood losses are general, in many cases guided only by preliminary <br />flood data. The map FEt1A provides the community at this stage is called <br />a Flood Hazard Boundary Map and it outlines the flood-prone areas within <br />the community. Subsidized rates are charged for all structures regardless <br />of their flood risk. <br /> <br />Under the Regular Program, the full limits of flood insurance coverage <br />become available locally. The premiums charged for new construction vary <br />according to its exposure to flood damage. A structure's exposure is <br />based upon the elevation at its lowest floor above or below the IIBase <br />Flood Elevationll. The community's flood plain management efforts become <br />more comprehensive: new buildings are elevated for flood-proofed above <br />certa in flood 1 eve 1 s. These 1 eve 1 s are deri ved from FEt.1A' s detail ed on- <br />site engineering survey in the community. The community is issued a <br />