5 things you should know about the $7.7 trillion plan to replace the National Flood Insurance Program
2 hours agoIn its plan for replacing the NFIP, the Trump administration says it plans to provide $7,000 to each household in the plan.
The money is a tax credit on the value of a house.
The $7 million is a modest portion of the overall NFIP cost of $9.2 trillion, and it’s expected to be phased in over a decade.
It’s important to note that the Trump plan is not yet official, and that details could change in the months ahead.
The plan includes two major goals.
The first is to provide additional funding to help states build flood insurance programs.
The second is to create a $7 billion program to help the states create and operate flood insurance marketplaces.
Both are in addition to the $1.4 trillion to $1,735 billion that was approved in Congress this week.
Here’s how the Trump Administration plans to finance the NFIB:In a blog post, the Office of Management and Budget said that the $2 billion to $2.5 billion in funds will be earmarked to create and manage the flood insurance marketplace and a new insurance program.
The program will be created and administered by the Office for Insurance Oversight, a separate agency within the Treasury Department.
The goal of the insurance marketplace is to allow people who qualify for NFIP subsidies to buy flood insurance for the first time.
The insurance marketplace would be a centralized portal to buy and sell insurance across the country.
The administration has not specified what type of insurance would be offered by the marketplace, but some estimates put the cost of a typical homeowner’s insurance at less than $100,000, and the cost for a flood insurance policy at between $1 million and $3 million.
The administration has said that it will work with the states to establish a high-risk pool, which would offer flood insurance to more people.
In addition, the administration has proposed setting aside $2,000 per household to cover flood losses, to help them pay for flood insurance premiums.
That money would go toward funding flood insurance and other emergency assistance.
In its budget, the Administration said that “the Administration will use this money to support low-income homeowners through the Flood Insurance Assistance Program, to ensure that homeowners have access to flood insurance at no cost, and to support the purchase of flood insurance in communities that lack a floodplain insurance program.”
In the past, the NFIA has been criticized by conservatives as being overly costly for homeowners.
The Congressional Budget Office estimated in 2012 that NFIP costs were more than twice as high as the cost to taxpayers of a $100 million flood insurance premium.
That estimate came after the Obama Administration took several steps to reduce NFIP’s cost, including increasing the minimum amount of premiums to $300,000.
The NFIA’s cost is expected to fall as premiums are reduced.
In the past the Administration has been very reluctant to commit to the amount of NFIP that it would invest.
In 2016, President Donald Trump promised to save $3 billion by cutting the NFI.
But the White House has said it will not increase the NFIE’s cost to the public.
The NFIB was created in 1968 and was passed by Congress with a $10 billion increase in 2017, but it was largely phased in.
As part of that funding, the Government Accountability Office estimated that the NFIF cost in 2017 was $6.4 billion.
In 2018, the government estimated that NFIF spending would be $6 billion in 2018, and in 2019, it was $9 billion.
A recent report from the Congressional Budget Officer found that $3.6 billion would be needed to fund the NFIL program in 2021, which was $742 million less than the Trump White House said it would spend.