Dear Administrator Long:
We are writing to express our strong support for a one-year extension of the deadline for Superstorm Sandy survivors to complete Increased Cost of Compliance (ICC) projects through the National Flood Insurance Program (NFIP). While we all hope homeowners can complete their mitigation projects as quickly as possible, many disaster victims need more time to finish the process and the ICC deadline threatens to derail these efforts.
As you know, homeowners with NFIP policies pay a premium each year for ICC coverage which provides up to $30,000 towards the often significant cost of elevating, moving or otherwise flood-proofing their home in order to come into compliance with State or local floodplain management laws or ordinances. In light of the long delays in recovery for the survivors of Superstorm Sandy, including those participating in federally-funded housing recovery programs, many such homeowners will remain unable to complete ICC projects by the October 29 deadline that is fast approaching. A one-year extension, which you are authorized to grant by law via an administrative waiver, is therefore both desperately needed and entirely appropriate under the circumstances.
The ICC program is crucial for homeowners and good for the community. It is an example of upfront investments paying large dividends over the long-run by reducing the severity and frequency of flood damage. Not only does this help save homeowners on their flood insurance premiums, it can also increase property values and makes the community stronger as a whole.
The survivors of Superstorm Sandy have been through almost unimaginable trials and tribulations over the past five and a half years, from chronic underpayment of flood insurance proceeds to a broken state-run rebuilding program. They paid premiums into the ICC -- many for decades -- and they should not be cut off from receiving this badly needed assistance due to an arbitrary deadline. We urge you to extend this deadline to ensure all Sandy survivors have the opportunity to rebuild stronger, safer, and more resilient.