FLOOD05285

• County: Statewide
• Basin: Statewide
• Title: National Flood Insurance Program - Revised Through 9/12/1994
• Date: 1/1/1995
• Prepared For: US
• Prepared By: FEMA
• Floodplain - Doc Type: Historic FEMA Regulatory Floodplain Information

FLOOD INSURANCE
TITLE I--EXPANSION OF NATIONAL FLOOD INSURANCE PROGRAM

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FLOOD INSURANCE PURCHASE AND COMPLIANCE REQUIREMENTS
AND ESCROW ACCOUNTS

Sec. 102. (a) After the expiration of sixty days
following the date of enactment of this Act, no Federal
officer or agency shall approve any financial assistance
for acquisition or construction purposes for use in any
area that has been identified by the Director as an area
having special flood hazards and in which the sale of
flood insurance has been made available under the
National Flood Insurance Act of 1968, unless the
building or mobile home and any personal froperty to
which such financial assistance relates is covered by
flood insurance in an amount at least equal to its
development or project co~t (less estimated land cost)
or to the maximum limit of coverage made available with
respect to the particular type of property under the
National Flood Insurance Act of 1968, whichever is less:
Provided, that if the financial assistance provided is
in the form of a loan or an insurance or guaranty of a
loan, the amount of flood insurance required need not
excee,d the outstanding principal balance of the loan and
need not be required beyond the term of the loan. The
requirement of maintaining flood insurance shall apply
during the life of the property, regardless of transfer
of ownership of such property.

3Sec. 582 (c), National Flood Insurance Reform Act of
1994, Public Law 103-325, approved September 23, 1994,
amended subsection (a) by striking "during the
anticipated economic or useful life of the project" and
by adding at the end the following: "The requirement of
maintaining flood insurance shall apply during the life
of the property, regardless of transfer of ownership of
such property.".

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42 USC
4012a