A bill to amend the Flood Disaster Protection Act of 1973 and the National Flood Insurance Act of 1968 to permit the extension of credit secured by property in flood prone areas, to require cost benefit analyses relating to participation in the flood insurance program, to permit individual participation in the flood insurance program.

Summary

Amends the Flood Disaster Protection Act of 1973 to: (1) permit the extension of loans secured by property in flood-prone areas; (2) require the Secretary of Housing and Urban Development to make a determination as to the potential cost to each tentatively identified community of participation in the national flood insurance program and the potential losses to each such community in the event of a flood absent such participation; (3) stipulate that if the potential cost of such participation outweighs the potential loss, such community may not be required to participate in the program; and (4) permit the granting of financial assistance for floodproofing or relocating any structure located in a flood hazard area. Amends the National Flood Insurance Act of 1968 to: (1) make flood insurance available to individuals where the Secretary finds that the failure of participation in the program is not attributable to the individual making application; (2) require that any determination by the Secretary with respect to the Federal Government's assumption of the operational responsibility for flood insurance shall be subject to Congressional approval; (3) specify that certain pools or insurers which have contracted with the Secretary to make specified payments may not be prohibited from offering flood insurance in the private market; and (4) require the Secretary to purchase any real property in a flood-risk area from which the owner is required to move as a result of the application of certain land management and use criteria. Directs the Secretary to conduct a study in conjunction with specified Federal officers with respect to the standards used in identifying special flood hazard areas and establishing base flood elevations.

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1 official file

• Introduced in Senate

  summary · EN · 27 April 1977

  Open at official source

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