Full text of flood disaster protection act of 1973. The 1968 act made federally subsidized flood insurance available to owners of improved real estate or mobile homes located in special flood hazard areas. This booklet addresses compliance with flood insurance requirements for lending institutions. The national flood insurance act of 1968, as amended, and the flood disaster protection act of 1973, as amended,42 u. United states of america in congress assembled that this act may be cited as the flood disaster protection act of 1973. D areas in which flood hazards are undetermined, but possible. Flood disaster protection introduction federal reserve bank. Fdic law, regulations, related acts consumer protection. The national flood insurance program nfip is administered primarily under the national flood insurance act of 1968 1968 act and the flood disaster protection act of 1973 fdpa. Regulation h flood disaster protection introduction the national flood insurance program nfip is administered primarily under the national flood insurance act of 1968 1968 act and the flood disaster protection act of 1973 fdpa. This legislation applies to property located in special flood hazard areas. The flood disaster protection act of 1973, as amended,42 u. Congress has the twofold purposes of the nfip to share the risk of flood losses through flood insurance and to reduce flood damages by restricting floodplain development. Biennial report to president a in general b effects of flood insurance program 4028.
An act to expand the national flood insurance program by substantially increasing limits of coverage and total amount of insurance authorized to be outstanding and by requiring known floodprone communities to participate in the program, and for other purposes. Background the national flood insurance program nfip was created by the congress of the united states in 1968 through the national flood insurance act of 1968. Assistant professor of business law, college of business administration, the pennsylvania state. It also addresses the types of structures eligible for flood insurance under the national flood insurance program, which is administered primarily under the national flood insurance act. Acceptability of private flood insurance the national flood insurance act of 1968 and the flood disaster protection act of 1973, as amended, require owners of residences located in a femadesignated special flood hazard area sfha to obtain flood insurance in connection with certain mortgage loans including those delivered to fannie mae. The national flood insurance act and the flood disaster protection act, several reforms, and a host of regulations guide administration of the national flood insurance program. No portion of the assistance provided under this contract is approved for acquisition or construction purposes as defined under section 3a of said act, for use in. The 1994 act required the federal financial regulatory agencies, the board of. National flood insurance act of 1968 and flood disaster protection. In addition to any responsibilities under this order and sections 202 and 205 of the flood disaster protection act of 1973, as amended 42 u. Following the passage of the flood disaster protection act of 1973 and the national flood insurance reform act of 1994, the purchase of flood insurance is. Flood disaster protection act of 1973 requires that flood insurance protection be purchased for any project located in special flood hazard areas sfha, designated by fema as 100year or 500year flood zones, as a condition of the recipient using any hud funds. Flood disaster protection act, interagency examination. The flood disaster protection act of 1973 myers 1976.
The national flood insurance program nfip is a program created by the congress of the united states in 1968 through the national flood insurance act of 1968 p. Flood disaster protection this contract is subject to the requirements of the flood disaster protection act of 1973 p. The fdpa requires federal financial regulatory agencies to adopt. Requires that flood insurance protection be purchased for any project located in special flood. A rational approach to flood damage prevention larry j.
The rule for loans included in that section applies to deferred payment loans, i. Flood insurance act of 1968 1968 act and the flood disaster protection act of 1973 fdpa. This title may be cited as the national flood insurance reform act of 1994. The national flood insurance act of 1968 created the nfip. National flood insurance act of 1968 flood disaster protection act of 1973 national flood insurance reform act of 1994 flood insurance reform act of 2004 biggertwaters flood insurance reform act july 6, 2012 bw 12 homeowner flood insurance affordability act march 21, 2014 hfiaa july 2018 5.
Section was enacted as part of the flood disaster protection act of 1973, and not as part of the national flood insurance act of 1968 which comprises this chapter. The ae, a1a30, ah, ao, a, ar, and a99 areas described in the table above are often referred to as the 100year floodplain. Two subsequent laws, the flood disaster protection act of 1973 and the national flood insurance reform act of 1994 have made the purchase of flood insurance mandatory for federally backed mortgages on structures located in. Section 102 a of the flood disaster protection act of. Flood disaster protection act of 1973 open library. The flood disaster protection act was enacted in 1973 by congress in order to protect homes which are most vulnerable. Table of contents c compensation and travel expenses 4026. Flood disaster protection act of 1973 by united states. National flood insurance act of 1968 and the flood. The 1968 act made federally subsidized flood insurance available to owners of improved real estate or mobile homes located in special flood hazard areas sfha. Should the subject propertyfall within a flood hazard area as defined in the act, then iwe authorize. Section 102a of the flood disaster protection act of 1973 42 u. Hearings, ninetythird congress, first session, on s.
Iwe hereby acknowledge that we have been advised of the flood disaster protection act of 1973 and the requirements that iwe provide such insurance coverage on any property located within an area designated as a flood hazard area. The cbra enacted a set of maps depicting the john h. This booklet addresses compliance with flood insurance requirements for. The amendments to section 102d1 of the flood disaster protection act of 1973 42 u. As described below, congress established certain limits on the availability of federal disaster assistance dependent on whether individuals had flood insurance, as set out by the flood disaster protection act of 1973 fdpa, p.
B114860 examination of financial statements of the. National flood insurance act of 1968 and flood disaster. The 1968 act made federally subsidized flood insurance available to owners of improved real estate or mobile homes located in special flood hazard areas sfha if their community. The 1994 act also made the flood insurance requirements directly applicable to the loans purchased by the. Subcommittee on housing and urban affairs 1 edition. In 1982, the act was amended by the coastal barrier resources act cbra.
A, of sioux falls, south dakota, for violating the flood disaster protection act of 1973 fdpa and its implementing regulations. The flood disaster protection act of 1973 made the purchase of flood insurance mandatory for the protection of property located in special flood hazard areas. The program was first amended by the flood disaster protection act of 1973, which made the purchase of flood insurance mandatory for the protection of property within sfhas. The flood disaster protection act of 1973 made the purchase of flood insurance mandatory for the protection of property. The national flood insurance act of 1968 created the federal insurance administration and made flood insurance available for the first time. Abstract the national flood insurance program nfip is administered primarily under two statutes. The nfip is administered by a department of the federal emergency management agency fema, the federal insurance administration fia. This instruction prescribes the policies and procedures to be followed in implementing the national flood insurance act of 1968 as amended by the flood disaster protection act of 1973. Accessible book, flood insurance, law and legislation. The 1968 act made federally subsidized flood insurance available to owners of improved real estate or mobile. The national flood insurance program nfip is administered primarily under the national flood insurance act of 1968 1968 act. Iwe herebyacknowledge that we have been advised of the flood disaster protection act of 1973 and the requirements that iwe provide such insurance coverage on anyproperty located within an area designated as a flood hazard area. Will comply with the flood insurance purchase requirements of section 102a of the flood disaster protection act of 1973 p.
National flood insurance act of 1968 1968 act and the flood disaster protection act of 1973. Xvilson throughout history, man has utilized rivers for water supply, transportation, power generation, and waste disposal. Flood disaster protection act overview washington state. This act was amended by the flood disaster protection act of 1973, which authorizes ncua to enforce compliance at federally insured credit unions. Lending flood disaster protection fdic compliance examination manual april 2016 v 6.
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