Summary: |
The Federal Emergency Management Agency (FEMA) announced on July 15, 2010, that Preferred Risk Policy (PRP) eligibility will be extended two years beginning January 1, 2011. Under provisions of the extension, effective January 1, 2011, a building is generally eligible for a PRP for two years after the building's flood zone is newly mapped into a Special Flood Hazard Area (SFHA) through a map revision. Certain conditions apply for the extended eligibility. The PRP two-year eligibility extension does not apply to properties in SFHAs before the map change. Residential condominium associations eligible for coverage under the Residential Condominium Building Association Policy are not eligible for the PRP or the two-year PRP coverage extension. |
Highlights:
Distribution: FDIC-Supervised Banks (Commercial and Savings)
Suggested Routing:
Contact: John Jackwood, Senior Policy Analyst (Compliance), at (202) 898-3991 or jjackwood@fdic.gov
Note:
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