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<br />- <br /> <br />e <br /> <br />e <br /> <br />1-15-80 <br /> <br />The U.S. Army Corps of Engineers, the Urban <br />Drainage aid Flood Control District, and oth~r local governments, <br />have conducted extensive stream surveys throughout Colorado. The <br />s:lrveys have been completed upon reasonable scier.tific standards <br />and have often become an integral part of the flood plain zoning <br />ordinances and resolutions adopted by Colorado's cities aud counties. <br /> <br />The Colorado Water Conservation Board has actively <br />cooperated in the past to designate aud anprove such areas as delineated <br />as a storm or "flood water runoff channel or basin". Such approval <br />or designation of a runoff channel or basin by the Water Conservation <br />Board is required by statute prior to any action by a local government <br />to set th2 boundaries on proposed flood plain zoning resolutions. <br /> <br />B. Flood Insurance. <br /> <br />The National Flood Insurance Act of 1968, as aIDended in <br />1973, provides for a federally subsidized flood insurance program <br />conditioned on active management and regulAtion of floor! plain <br />developmert by states and local governments. 42 U.S.C., ~~4001- <br />4128; 24 C.F.R., ~1979.1-1925.14 (1975). Communities designated <br />as flood prone by the Federal Emergency Management Agency (FEMA) <br />can obtain flood insurarce eligibility for structures within the <br />community upon meeting the qualificatio. s of the Act by developing <br />a flood plain manageme~t. system. Developme t of a flood plain <br />management system requires the community to promulgate ala. d use <br />and building permit system which restricts development ir flood <br />hazard areas. FEMA publishes a list, updated monthly, of the status <br />ot communities. Flood insurance is provided on a subsidized basis <br />through all licelsed insurance agents. <br /> <br />Federally regulated lending institutions (FDIC, FSLIC, <br />NCUA) must require flood insurance for loans made on structures in <br />FEMA identified flood hazard areas in communities where flood <br />insurance is available. The lender is required to give notice to <br />the borrower ten days in advance that the property securing the loan <br />is located in a flood hazard area and written acknowl~dgement of the <br />borrower's knowledge of the flood hazard must be obtained. If flood <br />insurance is not available in the community the lender may still <br />make the loan but he must notify the borrower that Federal disaster <br />assistauce may not be available in the event of a flood disaster. <br />Federally insured loans (SBA, VA FHA) have the same requirements <br />with the exception that they cannot be made on property located in <br />a FEMA identified flood hazard area if flood insurance is not available <br />in the community.. <br /> <br />The area of greatest concern is the question of whether <br />to base flooJ hazard boundaries on ~~rent development in the drainage <br />basin or on future development. The FEMA uses current developmenc <br />as its criteria. The Urban Drainage and Flood Control District uses <br /> <br />(21 ) <br />