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<br />agency lender, 11 described in such section to notify (as <br />a condition of making, increasing, extending, or <br />renewing any loan secured by property described in such <br />section) the purchaser or lessee of such property of <br />whether, in the event of a disaster caused by flood to <br />such property, Federal disaster relief assistance will <br />be available to such property. <br /> <br />AUTHORITY TO ISSUE REGULATIONS <br /> <br />Sec. 205. (a) The Director is authorized to issue <br />such regulations as may be necessary to carry out the <br />purpose of this Act. <br /> <br />(b) The head of each Federal agency that <br />administers a program of financial assistance relating <br />to the acquisition, construction, reconstruction, <br />repair, or improvement of publicly or privately owned <br />land or facilities, and each Federal instrumentality <br />responsible for the supervision, approval, regulation, <br />or insuring of banks, savings and loan associations, or <br />similar institutions, shall, in cooperation with the <br />Director, issue appropriate rules and regulations to <br />govern the carrying out of the agency's responsibilities <br />under this Act. <br /> <br />CONSULTATION WITH LOCAL OFFICIALS <br /> <br />Sec. 206. In carrying out his responsibilities under <br />the provisions of this title and the National Flood <br />Insurance Act of 1968 which relate to notification to <br />and identification of floodprone areas and the <br />application of criteria for land management and use, <br />including criteria derived from data reflecting new <br />developments that may indicate the desirability of <br />modifying elevations based on previous flood studies, <br /> <br />IISec. 511 (b), National Flood Insurance Reform Act of <br />1994, Public Law 103-325, approved September 23, 1994, <br />amended subsection (b) by striking "Federal <br />instrumentality described in such section shall by <br />regulation require the institutions" and inserting <br />"Federal entity for lending regulation shall by <br />regulation require the regulated lending institutions <br />described. in such section, and each Federal agency <br />lender shall issue regulations requiring the Federal <br />agency lender," in lieu thereof. <br /> <br />17 <br /> <br />42 use <br />4128 <br /> <br />42 USC <br />4107 <br />