**UPDATE JULY 2025**
Due to funding cuts to FEMA’s mitigation grant programs, the Elevate Florida program will now be funded by Flood Mitigation Assistance (FMA) Swift Current funding and the Hazard Mitigation Grant Program (HMGP) . Swift Current and HMGP provide funding to mitigate buildings insured through the National Flood Insurance Program (NFIP) after a major disaster declaration following a flood-related disaster event to reduce risk against future flood damage. Funding will only be available for Severe Repetitive Loss (SRL) properties and only after a disaster declaration. Read more about the funding cuts here.
Kevin Guthrie, executive director of Florida’s Division of Emergency Management, announced the upcoming program called Elevate Florida at the Florida Chamber of Commerce Insurance Summit, December 3-5, 2024. New grants and low-interest loans from the SBA will help elevate home above flood levels.
At the Summit Guthrie announced, “We are working with our federal counterparts along with the folks here in the state of Florida to do some new things that are going to directly impact homeowners and their insurance rates and their National Flood Insurance.”
According to a story in the Insurance Journal, homeowners affected by recent hurricane storm surge and floods can already apply for grants to rebuild an elevate their homes above the base flood elevation. But the residents must put up at least 25% of the total estimate grant to qualify. These are the Flood Mitigation Assistance (FMA) grants that Monroe County has been shepherding through the system for homeowners.
Under the coming arrangement, homeowners (not businesses) would be able to apply for federal Small Business Administration loans–up to $500,000 to cover the 25% downpayment for the FMA grant. The loans will be interest-free for the first year and then perhaps an interest rate around 2.8%.
More information will be forthcoming and we’ll share with you here as soon as we learn more.