"The Severe Repetitive Loss (SRL) Pilot Program...provides funding to reduce or eliminate the long-term risk of flood damage to severe repetitive loss residential structures insured under the National Flood Insurance Program (NFIP). The definition of severe repetitive loss as applied to this program was established in section 1361A of the National Flood Insurance Act, as amended (NFIA), 42 U.S.C. 4102a. An SRL property is defined as a residential property that is covered under an NFIP flood insurance policy and: (a) That has at least four NFIP claim payments (including building and contents) over $5,000 each, and the cumulative amount of such claims payments exceeds $20,000; or (b) For which at least two separate claims payments (building payments only) have been made with the cumulative amount of the building portion of such claims exceeding the market value of the building. For both (a) and (b) above, at least two of the referenced claims must have occurred within any ten-year period, and must be greater than 10 days apart. The long-term goal of the SRL program is to reduce or eliminate claims under the NFIP. The SRL program will fund mitigation projects, which will result in the greatest savings to the National Flood Insurance Fund (NFIF) in the shortest period of time, based on a Benefit-Cost Ratio (BCR) using Federal Emergency Management Agency (FEMA) -approved methodology to conduct the Benefit-Cost Analysis (BCA). Participation in this program is voluntary. The SRL program differs from other FEMA mitigation grant programs in that those property owners who decline offers of mitigation assistance will be subject to increases in their insurance premium rates. The SRL program was created pursuant to Section 1361A of the National Flood Insurance Act of 1968 (or "the Act"), 42 U.S.C. 4102A, as amended by the Bunning-Bereuter-Blumenauer Flood Insurance Reform Act of 2004, Public Law 108-264, with the goal of reducing flood damages to SRL properties. The Catalog of Federal Domestic Assistance (CFDA) number for the SRL program is 97.110. FEMA published the interim final rule for the SRL program in the Federal Register at 72 FR 61720 on October 31, 2007. The regulations are codified at 44 C.F.R. Part 79". (FEMA, Severe Repetitive Loss (SRL) Pilot Program Guidance, 14Jan2008, p. vii)