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. 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. Flood disaster protection act audit worksheet compliance. The national flood insurance act of 1968, as amended, and the flood disaster protection act of 1973, as amended,42 u. For the original may 16, 1983, fis and november 16, 1983. City of new york, ny flood hazard mapping status report. Abstract the national flood insurance program nfip is administered primarily under two statutes. The 1968 act made federally subsidized flood insurance available to owners of improved real estate or mobile homes located in special flood hazard areas. Hearings, ninetythird congress, first session, on s. Flood disaster protection act how is flood disaster. Private flood insurance market development act of 2017. Fdic law, regulations, related acts consumer financial. The 1968 act made federally subsidized flood insurance available to.
Flood disaster protection act of 1973 section 102 images. 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. Flood disaster protection act of 1973 open energy information. 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. 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. Congress extends the national flood insurance program and amends the national flood insurance act and the flood disaster protection act. Incorporates revised flood hazard analysis and mapping for. This booklet addresses compliance with flood insurance requirements for. National flood insurance act of 1968 and flood disaster protection. 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 flood disaster protection act was enacted in 1973 by congress in order to protect homes which are most vulnerable. Congress implemented these acts to eventually make flood insurance coverage available on reasonable terms and conditions to persons who have need for such protection. Will comply with flood insurance purchase requirements of section 102a of the flood disaster protection act of 1973 p. 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.
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. How big of a risk is there of experiencing flood damage during the life of a 30year mortgage loan. Flood disaster protection act of 1973 as amended public law 93234, approved december 31, 1973. The disaster relief and emergency assistance act, referred to in. Subcommittee on housing and urban affairs 1 edition. 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. A rational approach to flood damage prevention larry j. 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. 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. On july 6, 2012, president obama signed into law h. This fis revises and updates information on the existence and severity of flood hazards in the geographic area of comal county. Flood disaster protection act of 1973 by united states. Section 102 a of the flood disaster protection act of 1973. Glossary term national flood insurance program nfip.
Protection act of 1973 disaster relief act of 1969 rapid city sd flash flood. Definitions applicable to biggertwaters flood insurance reform act of 2012 4005. Traditional emergency management policy and the disaster cycle author. The fdpa requires federal financial regulatory agencies to adopt. The national flood insurance program nfip is administered primarily under two statutes. 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. Housing and urban development act of 1968 as amended 42 usc 42014128 independent sections of the flood disaster protection act of 1973. 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. 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 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. 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. Mar 29, 20 the occ and other federal financial regulatory agencies have published a statement to inform banks about the effective dates of provisions regarding flood insurance amended by the biggertwaters act. 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 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.
Should the subject property fall within a flood hazard area as defined in the act, then iwe authorize. Subsection b of section 102 of the flood disaster protection act of 1973 42 u. 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 national flood insurance act of 1968 the national flood insurance act of 1968 launched the national flood insurance program. National flood insurance act of 1968 and the flood.
To amend the flood disaster protection act of 1973 to require that certain buildings and personal property be covered by flood insurance, and for other purposes. Abstract fema publishes proposed determinations of base 1 % annualchance flood elevations bfes and modified bfes for communities. Fdic consumer compliance examination manual september 2019. National flood insurance act of 1968 and flood disaster. 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. And if federally required, the insurance payment must be escrowed. Should the subject propertyfall within a flood hazard area as defined in the act, then iwe authorize. 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. Flood disaster protection act, interagency examination. Flood disaster protection act forum compliance resource. Definitions applicable to flood disaster protection act of 1973 4004. Private flood insurance market development act of 2017 2017.
Biennial report to president a in general b effects of flood insurance program 4028. The 1968 act made federally subsidized flood insurance. 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. Table of contents c compensation and travel expenses 4026. May 02, 2012 flood disaster protection act of 1973 by united states. Flood disaster protection act, 1973 the purpose of the act was to. 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. 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. The requirement of maintaining flood insurance shall apply during the life of the property, regardless of transfer of ownership of such property. 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. Per the flood disaster protection act of 1973 and the national flood insurance reform act of 1994, homes and businesses in highrisk flood areas sfhas with mortgages from federally regulated, supervised, and insured lenders are required to have flood insurance. Flood disaster protection act of 1975 attached for your consideration is s.
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. The flood disaster protection act of 1973, which also amended the 1968 act, required that flood prone communities be. 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. 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. In this forum you will find comments and questions concerning the flood disaster protection act and the civil monetary penalties associated with it. The flood disaster protection act of 1973 is a land use control and regulatory statute whose effective date was march 2, 1974. The sources of authority for this fis are the national flood insurance act of 1968 and the flood disaster protection act of 1973. Fdic law, regulations, related acts consumer protection.
National flood insurance act of 1968 and the flood disaster. The national flood insurance act of 1968 created the federal insurance administration and made flood insurance available for the first time. Xvilson throughout history, man has utilized rivers for water supply, transportation, power generation, and waste disposal. 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. 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.
The national flood insurance act of 1968 created the nfip. Flood insurance act of 1968 1968 act and the flood disaster protection act of 1973 fdpa. The national flood insurance act of 1968, as amended, and. Accessible book, flood insurance, law and legislation. Interagency statement on effective dates of certain provisions of the biggertwaters act and impact on proposed. 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. Section 102 a of the flood disaster protection act of. The nfip is administered by a department of the federal emergency management agency fema, the federal insurance administration fia. The national flood insurance act of 1968 is a piece of legislation passed in the united states. 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. 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. 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. Flood disaster protection act does this affect you. Flood disaster protection act fdpa overview the national flood insurance program nfip is administered primarily under two statutes.
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. The amendments to section 102d1 of the flood disaster protection act of 1973 42 u. The only truly allinclusive federal banking compliance advisory service staffed with attorneys, former auditors and compliance specialists. Flood disaster protection act of 1973 open library. Full text of flood disaster protection act of 1973.