Oregon Selects ICF for New $23 Million Disaster Recovery Contract

Rhea-AI Summary

ICF (NASDAQ:ICFI) has been awarded a $23 million contract by the Oregon Housing and Community Services Department to provide technology-enabled disaster management and program implementation services for wildfire recovery efforts. The contract has a term of 64 months and ICF will manage the state's first-ever federally funded housing recovery programs. They will leverage their proprietary cloud-based technology solutions to distribute $341 million in HUD funding. ICF will also support the development of Oregon's statewide grant management system.

Positive

• ICF has a strong track record in disaster recovery and has successfully supported recovery efforts in various states, including Puerto Rico, Louisiana, Texas, New Jersey, New York, and Georgia.
• The contract with the Oregon Housing and Community Services Department has a value of $23 million and a term of 64 months, providing a stable source of revenue for ICF.
• ICF's proprietary technology solutions, disasTRAX® and Waypoint™, will be used to distribute $341 million in HUD funding and expedite environmental reviews for the wildfire recovery efforts in Oregon.

Negative

• None.

Company Managing State's First HUD-funded Wildfire Home Recovery Efforts

RESTON, Va., Oct. 31, 2023 /PRNewswire/ -- The Oregon Housing and Community Services Department recently awarded global consulting and technology services provider ICF (NASDAQ:ICFI) a new contract to provide technology-enabled disaster management and program implementation services to support wildfire recovery efforts. The contract has a value of $23 million and a term of 64 months, including a 16-month base and four one-year option periods.

ICF will manage the state's first-ever federally funded housing recovery programs designed to move wildfire survivors into safer, more energy efficient and resilient homes and will support infrastructure, planning and economic development initiatives. The company will leverage its proprietary cloud-based technology solutions, disasTRAX®, to help the state distribute $341 million in U.S. Department of Housing and Urban Development (HUD) Community Development Block Grant-Disaster Recovery (CDBG-DR) funding in a fast, equitable and complaint manner.

ICF will also support the development of Oregon's statewide grant management system through its customizable data visualization system, Waypoint™, to expedite environmental reviews.

"We are committed to partnering with state and local officials to deliver safe, affordable and resilient housing to survivors of the 2020 Labor Day wildfires, which was the largest housing disaster in recent Oregon history," said Anne Choate, ICF executive vice president for energy, environment and infrastructure. "We will bring our decades of hands-on experience managing billions in U.S. government grants and successfully supporting large-scale disaster recovery programs to the contract and work alongside our local partners to build community resilience against future events."

ICF's disaster recovery and resilience experts will work alongside local Oregon staff to guide applicants through the entire grant process—from intake and eligibility reviews, to completing initial damage assessments and applicant documentation, through construction and closeout—to help Oregonians, especially the most vulnerable, get into safe, resilient and energy efficient housing.

An established leader in disaster recovery, ICF has been on the ground for nearly every major natural disaster in recent U.S. history with a stellar track record for completing complex projects on time and without errors. For decades, ICF has successfully supported recovery efforts in Puerto Rico, Louisiana, Texas, New Jersey, New York, Georgia and more. With over 20 years of partnership with HUD and the Federal Emergency Management Administration (FEMA), ICF's community-based teams have processed hundreds of thousands of applications and compliantly distributed over $12 billion to property owners.

Read more about ICF's disaster management services and enterprise technology solutions.

About ICF
ICF is a global consulting and technology services company with approximately 9,000 employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; our ability to acquire and successfully integrate businesses; and the effects of the novel coronavirus disease (COVID-19), or any other future pandemic, and related national, state and local government actions and reactions, on the health of our staff and that of our clients, the continuity of our and our clients' operations, our results of operations and our outlook. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Contact: Lauren Dyke, lauren.dyke@ICF.com, +1.571.373.5577

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SOURCE ICF

FAQ

What contract has ICF been awarded?

ICF has been awarded a contract by the Oregon Housing and Community Services Department.

What services will ICF provide under the contract?

ICF will provide technology-enabled disaster management and program implementation services.

What is the value and term of the contract?

The contract has a value of $23 million and a term of 64 months.

What technology solutions will ICF leverage?

ICF will leverage their proprietary cloud-based technology solutions, disasTRAX® and Waypoint™.

What is the purpose of the HUD funding?

The HUD funding is intended to support wildfire recovery efforts and move survivors into safer, more energy efficient, and resilient homes.

What is the total amount of HUD funding to be distributed?

The state will distribute $341 million in HUD Community Development Block Grant-Disaster Recovery (CDBG-DR) funding.

What is the role of ICF's technology solutions in the distribution of HUD funding?

ICF's technology solutions will help distribute the HUD funding in a fast, equitable, and compliant manner.

What other states has ICF supported in disaster recovery?

ICF has supported recovery efforts in Puerto Rico, Louisiana, Texas, New Jersey, New York, Georgia, and more.

What is ICF's track record in completing projects?

ICF has a stellar track record for completing complex projects on time and without errors.

How long has ICF been partnering with HUD and FEMA?

ICF has over 20 years of partnership with HUD and FEMA.

What is the focus of ICF's work in Oregon?

ICF will work to guide applicants through the grant process and help Oregonians get into safe, resilient, and energy efficient housing.

What is the goal of ICF's work in Oregon?

The goal is to build community resilience against future events and support the most vulnerable populations.

What is the purpose of ICF's customizable data visualization system, Waypoint™?

Waypoint™ will be used to expedite environmental reviews for the wildfire recovery efforts in Oregon.