17 • TIMES, THURSDAY, MAY 15, 2014 City Seeking Solutions To Flood Insurance Problems Soliciting Proposals For Several Local Studies Affordability Act will mitigate some of the immediate impacts of BW-12, owners will still face lower property values as potential buyers take into account insurance costs. Homeowners will also see annual increases between 15 and 18 percent as all policies move toward eventually paying FEMA’s newly assessed higher rates. • In December 2013, FEMA released Preliminary Flood Insurance Rate Maps (FIRMs) for New York City. While these maps likely won’t be finalized until 2016, the Preliminary FIRMs show an expanded floodplain that nearly doubles the number of impacted structures from 36,000 to 68,000. Following vulnerability exposed by Hurricane Sandy, and in the aftermath of recent flooding, the de Blasio administration announced that it is launching two key studies, as well as a consumer education campaign, to better understand and communicate the impact that rising flood insurance costs and an expanded floodplain will have on New Yorkers, and to help FEMA keep flood insurance affordable. According to the Mayor’s office, this step complements ongoing investments across the city in flood protection measures. On May 2, the administration released a request for proposals (RFP) to run the consumer education campaign; additionally, RFPs to conduct affordability studies for multifamily and one- to four-family homes were released last Tuesday, May 6, and on Monday, May 12, respectively. New Yorkers face increased flood insurance premiums for two major reasons: • In July 2012, Congress passed the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12), which required changes to FEMA’s National Flood Insurance Program (NFIP) that eliminated certain subsidies, resulting in significant rate changes. While the Homeowner Flood Insurance -SEE FLOOD ON PG. 54- Expanded Fed Tax Credit Would Be A Boon For NYC Offers More Relief To Area Residents Nearly 365,000 New York City residents would benefit from President Barack Obama’s proposal to expand the Earned Income Tax Credit (EITC), City Comptroller Scott M. Stringer announced in a report entitled “Fighting Poverty and Expanding Opportunity: The Earned Income Tax Credit in New York City.” “In the era of income inequality, we must take every opportunity to help close the gap. The expansion of the Earned Income Tax Credit would mean $250 million in additional after-tax income for New York City residents,” Stringer said. “This tax credit has been an enormous success in lifting working New Yorkers out of poverty. We must make sure everyone has the opportunity to climb the economic ladder.” The EITC is a refundable tax credit for working people based on their earnings, marital status and number of children (the maximum annual credit is $8,159 for city residents). The proposed tax credit extension would: • provide an additional $250 million in federal benefits to 365,000 households; • make 350,000 childless New York City households eligible for a credit up to $1,005, an average of $800 per filer; • make 15,000 low-income workers aged 21 to 24 and 65 to 66 in New York City newly eligible for the credit; -SEE CREDIT ON PG. 54- DDEENNTTAALL CCAARREE FFOORR TTHHEE EENNTTIRREE FFAAMMILLYY Santa LoCascio, D.D.S., P.C. 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