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2. Protect the public from avoidable financial expenditures for flood control projects, flood relief measures, and the repair and restoration of damaged public facilities. 3. Prevent avoidable interruption of business and commerce. 4. Minimize victimization of unwary home and land purchases. 5. Facilitate the administration of flood hazard areas by establishing requirements that must be met before use or development is permitted. The Board's model flood plain regulations offer two options for management of the 100-year flood plain: The Hazard Area Concept and the Floodway Concept. The Hazard Area Concept defines the areas of the flood plain in which waters of the 100-year flood attain a maximum depth greater than one and one-half feet as a high hazard area, and a depth less than this as a low hazard area. The Floodway Concept defines the channel of a stream and adjacent flood plain areas that must be kept free of development in order to safely pass the 100-year flood with a minimal rise in the water surface elevation. The rise must be no more than one foot to meet the Federal standards. E. Flood Insurance The National Flood Insurance Act of 1968 (Title XIII of the Housing and urban Development Act, P.L. 90-448) recognized the necessity for flood plain management. This Act makes Federally subsidized insurance available to citizens in communities that adopt regulations controlling future developments of their flood plain. With respect to encroachment on the flood plain, the regulations require: 1. New residential construction or substantial improvement of existing homes must have the lowest floor level at or above the elevation of the 100-year flood. 2. Non-residential construction must meet the same standard or be flood proofed to that level. The 1968 Act benefits owners of structures already in the flood- prone areas by providing insurance coverage that had been unavailable through private companies. The Act created a cooperative program of insurance against flood damage by the private flood insurance industry and the Federal government. The amount of coverage available and the premium rate varies considerably, depending on property location within the flood plain and the property value. All property owners shown in this study to 12 II I I I I I I I I I I I: I I II 1 I I' I