; and (5) a financial plan that includes maximum amounts available to a household for each qualifying mitigation activity. (d) Consultation In establishing the program under this section, the President shall consult with the Director of the Federal Insurance Office to determine what qualifying mitigation activities are likely to incentivize homeowner insurance companies to offer, or increase coverage of, homeowners insurance to households located in eligible disaster areas. (e) Limitations (1) High-risk areas Funds provided under this section may only be used in eligible disaster areas that the State or Indian tribal government determines are at a high risk of experiencing a major disaster for the major disaster that presents such a risk. (2) Limitation based on adjusted gross income An individual shall not be eligible to receive a grant under this section if the adjusted gross income of such individual exceeds $250,000 ($500,000 in the case of a joint tax return) for the taxable year ending in the calendar year immediately preceding the calendar year with respect to which a grant application is filed. (3) Definition of adjusted gross income In this section, the term adjusted gross income has the meaning given such term in section 62(a) of the Internal Revenue Code of 1986. (f) Multi-Tiered mitigation standards (1) In general The President, acting through the Administrator of the Federal Emergency Management Agency, shall establish mitigation standards for individual households that carry out each type of qualifying mitigation activity eligible for funds under the program, which may include a multi-tiered standard. (2) Consideration In establishing the mitigation standards under paragraph (1), the President, acting through the Administrator— (A) may consider any standards established by— (i) Insurance Institute for Business and Home Safety; and (ii) any other standard-issuing entity determined appropriate; and (B) may— (i) adopt a standard considered under subparagraph (A)