Final answer:
Sanctions for a community being suspended from the NFIP include the inability to purchase new flood insurance policies, loss of certain forms of federal assistance, and potential broader economic impacts.
Step-by-step explanation:
If a community is suspended from the National Flood Insurance Program (NFIP), it faces significant sanctions. Firstly, no one in the community can purchase a new flood insurance policy from the NFIP. Property owners who already possess NFIP policies will be allowed to maintain their existing policies, but they cannot renew or increase coverage. Secondly, federal grants, loans, disaster assistance, and federal mortgage insurance will become unavailable for the acquisition or construction of buildings located in the floodplain identified by the NFIP. Finally, the lack of NFIP participation may also have broader economic implications for a community, including decreased property values and higher costs for private insurance if it's even available at all.