The national flood insurance program nfip is administered primarily under the national flood insurance act of 1968 1968 act and the flood disaster protection act of 1973 fdpa. Flood disaster protection act, interagency examination. National flood insurance act of 1968 and flood disaster. Searchable text of the 42 usc 4003 definitions applicable to flood disaster protection act of 1973 us code, including notes, amendments, and table of authorities. The fdpa requires federal financial regulatory agencies to adopt. To some who are greatly impacted, it may prove to be the most stringent of all the land use laws extant, or that may be enacted in the future. The national flood insurance act of 1968 created the federal insurance administration and made flood insurance available for the first time. The flood disaster protection act of 1973 made it mandatory for federallyregulated lenders to determine the flood hazard status of improved real estate before making, increasing, extending or renewing a loan on the property or issuing a mortgage. No federal officer or agency shall approve any financial assistance for acquisition or construction purposes on and after july 1, 1975, for use in any area that has been identified by the administrator as an area having special flood hazards unless the community in which such area is situated is then participating in the national flood insurance program. The 1968 act made federally subsidized flood insurance available to owners of improved real estate or mobile homes located in special flood hazard areas sfha if their community. The national flood insurance act of 1968 the national flood insurance act of 1968 launched the national flood insurance program. The flood hazard boundary map was intended to assist communities in managing floodplain development, and insurance agents and property owners in identifying those areas where the purchase of flood insurance was advisable.
The flood disaster protection act fdpa of 1973 and the national flood insurance reform act nfira of 1994 mandate the purchase of flood insur ance as a condition of receiving federal or federallyrelated financial assistance whenever a lender makes, increases, extends or renews any loan secured by. The biggertwaters flood insurance reform act of 2012 the act, enacted july 6, 2012, amended various provisions of the flood disaster protection act of 1973 fdpa. Flood disaster protection act, 1973 the purpose of the act was to. The disaster relief and emergency assistance act, referred to in. And if federally required, the insurance payment must be escrowed. This booklet addresses compliance with flood insurance requirements for. Flood insurance act of 1968 1968 act and the flood disaster protection act of 1973 fdpa. Code 4106 nonparticipation in flood insurance program. Section 102 a of the flood disaster protection act of. The occ, the board of governors of the federal reserve system, the federal deposit insurance corporation, the national credit union administration, and the farm credit. The flood disaster protection act of 1973 is a land use control and regulatory statute whose effective date was march 2, 1974. No portion of the assistance provided under this contract is approved for acquisition or construction purposes as defined under section 3a of said act, for use in an area identified.
Should the subject propertyfall within a flood hazard area as defined in the act, then iwe authorize. In this forum you will find comments and questions concerning the flood disaster protection act and the civil monetary penalties associated with it. An act to expand the national flood insurance program by substantially increasing limits of coverage and total amount of insurance authorized to be outstanding and by requiring known flood prone communities to participate in the program, and for other purposes. Iwe herebyacknowledge that we have been advised of the flood disaster protection act of 1973 and the requirements that iwe provide such insurance coverage on anyproperty located within an area designated as a flood hazard area. The national flood insurance act of 1968, as amended, and the flood disaster protection act of 1973, as amended,42 u.
Flood disaster protection act of 1973 requires that flood insurance protection be purchased for any project located in special flood hazard areas sfha, designated by fema as 100year or 500year flood zones, as a condition of the recipient using any hud funds. This fis revises and updates information on the existence and severity of flood hazards in the geographic area of comal county. National flood insurance act of 1968 and the flood. National flood insurance act of 1968 and the flood disaster. Will comply with flood insurance purchase requirements of section 102a of the flood disaster protection act of 1973 p.
Flood disaster protection act of 1973 and subsequent statutory revisions made it the lenders responsibility to determine which properties are in areas most prone to flooding and, further, to become the enforcer for the purchase and maintenance of flood insurance protection. Regulation h flood disaster protection introduction the national flood insurance program nfip is administered primarily under the national flood insurance act of 1968 1968 act and the flood disaster protection act of 1973 fdpa. A rational approach to flood damage prevention larry j. The national flood insurance act of 1968 created the nfip.
Flood disaster protection act audit worksheet compliance. The flood disaster protection act of 1973 made the purchase of flood insurance mandatory for the protection of property located in special flood hazard areas. Protection act of 1973 disaster relief act of 1969 rapid city sd flash flood. Two subsequent laws, the flood disaster protection act of 1973 and the national flood insurance reform act of 1994 have made the purchase of flood insurance mandatory for federally backed mortgages on structures located in special flood. Congress extends the national flood insurance program and. Flood disaster protection introduction background and summary the national flood insurance program nfip is administered primarily under two statutes. Flood disaster protection act counselors of real estate. Definitions applicable to homeowner flood insurance affordability act of 2014. Flood disaster protection act does this affect you. Hearings, ninetythird congress, first session, on s. Fdic consumer compliance examination manual september 2019. Accessible book, flood insurance, law and legislation.
Aug 06, 2009 on july 21, 2009, the office of the comptroller of the currency, along with the board of governors of the federal reserve system, the federal deposit insurance corporation, office of thrift supervision, national credit union administration, and the farm credit administration the agencies, published in the federal register interagency questions and answers regarding flood insurance 2009. The flood disaster protection act was enacted in 1973 by congress in order to protect homes which are most vulnerable. The federal disaster protection act of 1973 and flood insurance reform act of 1994 mandate that lenders determine the need for flood insurance by identifying mortgage properties on federal flood maps and ensuring that coverage is kept in force for the life of the loan. The sources of authority for this fis are the national flood insurance act of 1968 and the flood disaster protection act of 1973. Should the subject property fall within a flood hazard area as defined in the act, then iwe authorize. The 1968 act made federally subsidized flood insurance available to owners of improved real estate or mobile homes located in special flood hazard areas. The requirement of maintaining flood insurance shall apply during the life of the property, regardless of transfer of ownership of such property. The nfip is administered by a department of the federal emergency management agency fema, the federal insurance administration fia.
National flood insurance act of 1968 and flood disaster protection. Subcommittee on housing and urban affairs 1 edition. The 1968 act made federally subsidized flood insurance available to. Flood disaster protection act of 1973 open library. Housing and urban development act of 1968 as amended 42 usc 42014128 independent sections of the flood disaster protection act of 1973. Fdic law, regulations, related acts consumer protection. Traditional emergency management policy and the disaster cycle author. Flood disaster protection this contract is subject to the requirements of the flood disaster protection act of 1973 p. Fdic law, regulations, related acts table of contents previous page 6500 consumer financial protection bureau appendix l to part 1026assumed loan periods for computations of total annual loan cost rates a required tables.
Flood disaster protection act of 1973 open energy information. Private flood insurance market development act of 2017. Iwe hereby acknowledge that we have been advised of the flood disaster protection act of 1973 and the requirements that iwe provide such insurance coverage on any property located within an area designated as a flood hazard area. It also addresses the types of structures eligible for flood insurance under the national flood insurance program, which is administered primarily under the national flood insurance act. National flood insurance program means the program established by the united states congress under provisions of the national flood insurance act of 1968, as amended, and as expanded in the flood disaster protection act of 1973, designed to provide flood insurance at rates made affordable through federal subsidy. The flood disaster protection act of 1973, which also amended the 1968 act, required that flood prone communities be. Xvilson throughout history, man has utilized rivers for water supply, transportation, power generation, and waste disposal. The amendments to section 102d1 of the flood disaster protection act of 1973 42 u. Interagency statement on effective dates of certain provisions of the biggertwaters act and impact on proposed. Glossary term national flood insurance program nfip.
Flood disaster protection act of 1973 as amended public law 93234, approved december 31, 1973. The 1968 act made federally subsidized flood insurance available to owners of improved real estate or mobile homes located in special flood hazard areas sfha. Incorporates revised flood hazard analysis and mapping for. Biennial report to president a in general b effects of flood insurance program 4028. Flood disaster protection act how is flood disaster. The 1968 act made federally subsidized flood insurance. The national flood insurance act of 1968, as amended, and. The program was first amended by the flood disaster protection act of 1973, which made. Private flood insurance market development act of 2017 2017. Oct 17, 2011 on october 17, 2011, the office of the comptroller of the currency occ, along with the board of governors of the federal reserve system, the federal deposit insurance corporation, the national credit union administration, and the farm credit administration the agencies, published in the federal register updates to the interagency questions and answers regarding flood insurance. Mar 11, 2016 the flood disaster protection act of 1973 made the purchase of flood insurance mandatory for the protection of property located in special flood hazard areas. Abstract the national flood insurance program nfip is administered primarily under two statutes. Abstract fema publishes proposed determinations of base 1 % annualchance flood elevations bfes and modified bfes for communities. On july 6, 2012, president obama signed into law h.
The flood disaster protection act of 1973 mandates that flood insurance must be purchased for structures located within the sfha as a condition of receipt of federal or federally backed financing. Table of contents c compensation and travel expenses 4026. The national flood insurance program nfip is administered primarily under two statutes. The creation of this act resulted in the creation of the nfip, national flood insurance program, which enables property owners in participating communities to purchase insurance. Flood disaster protection act of 1973 section 102 images. For complete classification of this act to the code, see short title of 1973 amendment note set out under section 4001 of this title and tables. The only truly allinclusive federal banking compliance advisory service staffed with attorneys, former auditors and compliance specialists. No portion of the assistance provided under this contract is approved for acquisition or construction purposes as defined under section 3a of said act, for use in.
Flood disaster protection act fdpa overview the national flood insurance program nfip is administered primarily under two statutes. Definitions applicable to flood disaster protection act of 1973 4004. The bill would amend the national flood insurance act of 1968 to prohibit the federal emergency management agency from providing flood insurance to prospective insureds at rates less than those estimated for any property purchased after the expiration of such sixmonth period currently, any property purchased after july 6, 2012. May 02, 2012 flood disaster protection act of 1973 by united states. Section 102 a of the flood disaster protection act of 1973.
Fdic law, regulations, related acts consumer financial. The flood insurance protection act of 1973 the flood insurance protection act of 1973 mandated that lenders require flood insurance on loans secured by properties located within highrisk flood areas. Flood disaster protection act forum compliance resource. Full text of flood disaster protection act of 1973. For the original may 16, 1983, fis and november 16, 1983. Definitions applicable to biggertwaters flood insurance reform act of 2012 4005. Congress implemented these acts to eventually make flood insurance coverage available on reasonable terms and conditions to persons who have need for such protection. Subsection b of section 102 of the flood disaster protection act of 1973 42 u. Background the national flood insurance program nfip was created by the congress of the united states in 1968 through the national flood insurance act of 1968. The national flood insurance act of 1968 is a piece of legislation passed in the united states. Flood disaster protection act of 1973 by united states.
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