The disaster relief and emergency assistance act, referred to in. In addition to the identification of special flood hazard areas sfhas, the risk zones shown on the firms are the basis for the. 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. The 1968 act made federally subsidized flood insurance available to owners of improved real estate or mobile. Glossary term national flood insurance program nfip. 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. At its top level, it divides the world of legislation into fifty topicallyorganized titles, and each title is further subdivided into any number of logical subtopics. Flood disaster protection act how is flood disaster protection act abbreviated. The 1968 act made federally subsidized flood insurance available to. Aug 19, 2019 102 b of the flood disaster protection act 1973 august 19, 2019 jarwato disaster designation of licant s agent name lisa wurtzbacher i h glynn county board of missioners finance department 1725 glynn county finance department technology mini grant lication.
The national flood insurance program nfip is administered primarily under two statutes. Biennial report to president a in general b effects of flood insurance program 4028. 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. Congress extends the national flood insurance program and amends the national flood insurance act and the flood disaster protection act. Mandatory purchase under the provisions of the flood disaster protection act of 1973, individuals, businesses, and others buying, building, or improving property located in identified areas of special flood hazards within participating communities are required to purchase flood insurance as a prerequisite for receiving any type of direct or. Digital flood insurance rate map database, baldwin. Mar 29, 20 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. National flood insurance act of 1968 and flood disaster protection. Flood disaster protection act does this affect you. Its almost certain that as the owners of real estate or the practitioners in the real estate business you will be confronted with the provisions of this law shortly, if some haven.
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 audit worksheet compliance. The outstanding principal balance of the loan or, 3. Be it enacted by the senate and house of representatives of the united states of america in congress assembled, that this act may be cited as the flood disaster protection act of 1973. Congress responded by passing the federal flood insurance act of 1956, which. The amount of flood insurance coverage required by the flood disaster protection act of 1973, as amended by the national flood insurance reform act of 1994, is the lesser of the following. Washington state department of financial institutions subject. The primary risk classifications used are the 1percentannualchance flood event, the 0.
Each topic addresses a major area of the act and regulation. The flood disaster protection act was enacted in 1973 by congress in order to protect homes which are most vulnerable. The flood disaster protection act of 1973 made flood insurance. The firm database is derived from flood insurance studies fiss, previously published firms, flood hazard analyses performed in support of the fiss and firms, and new mapping data, where. Flood disaster protection this contract is subject to the requirements of the flood disaster protection act of 1973 p. Sep 04, 2017 the amount of flood insurance coverage required by the flood disaster protection act of 1973, as amended by the national flood insurance reform act of 1994, is the lesser of the following. Section 102 a of the flood disaster protection act of. Subcommittee on housing and urban affairs 1 edition. 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. 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 floodprone communities to participate in the program, and for other purposes.
The requirement, under the provisions of the flood disaster protection act of 1973, that individuals, businesses, and others buying, building, or improving property that is located in identified special flood hazard areas in participating communities to purchase flood insurance as a prerequisite for receiving any type of. Private flood insurance market development act of 2017 2017. The national flood insurance act of 1968 public law 90448 created the national flood insurance program, which was to be administered by hud. The flood disaster protection act of 1973 is a law. The national flood insurance act of 1968 created the federal insurance administration and made flood insurance available for the first time. Flood disaster protection act of 1973 open energy information. Flood disaster protection act, 1973 the purpose of the act was to.
Tell a friend about us, add a link to this page, or visit the webmasters page for free fun content. The only truly allinclusive federal banking compliance advisory service staffed with attorneys, former auditors and compliance specialists. Who is eligible for flood insurance under the nfip. Bank compliance regulations flood disaster protection act fdpa. Fdic law, regulations, related acts consumer protection. The cfpbs glossary of english spanish financial terms. Flood disaster protection act how is flood disaster. The 1968 act made federally subsidized flood insurance available to owners of improved real estate or mobile homes located in special flood hazard areas. Requiring coverage to infrastructure that is prone to flooding decreases the likelihood that taxpayers will be responsible for expensive losses. The flood disaster protection act of 1973 mandated financial institutions to. The national flood insurance act of 1968 is a piece of legislation passed in the united states. The united states code is meant to be an organized, logical compilation of the laws.
In addition to the identification of special flood hazard areas sfhas, the risk zones shown on the firms are the basis for the establishment of premium rates for flood coverage offered through the nfip. 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 maximum amount of nfip coverage available for the particular property type, 2. 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.
Hearings, ninetythird congress, first session, on s. On july 6, 2012, president obama signed into law h. 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 fdpa overview the national flood insurance program nfip is administered primarily under two statutes. Although modified many times, the act remains the legislative foundation of the nfip. Abstract the national flood insurance program nfip is administered primarily under two statutes. Accessible book, flood insurance, law and legislation. Section 2 b 4 of the flood disaster protection act of 1973. 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. Table of contents c compensation and travel expenses 4026. May 02, 2012 flood disaster protection act of 1973 by united states. This document includes questions finalized october 17, 2011. The legislation was finally promulgated because of the recent flood loss sustained in.
Flood disaster protection act forum compliance resource. National flood insurance act of 1968 and the flood. 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. 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. 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 national flood insurance act of 1968 is a piece of legislation passed in the united states that led to the creation of the national flood insurance program nfip. The united states code is meant to be an organized, logical compilation of the laws passed by congress. The flood disaster protection act of 1973 requires federally insured lenders to have flood insurance on loans with structures located even partially within a federally mapped special flood hazard area sfha floodplain. Flood disaster protection act examination procedures author. Revised interagency examination procedures overview 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. The base flood elevation is the watersurface elevation of the 1% annual chance flood. All publications are free, and the computer software for. Top ten facts central florida regional planning council. National flood insurance act of 1968 and flood disaster. Home forums flood disaster protection act this forum has 85 topics, 114 replies, and was last updated 2 months, 3 weeks ago by pamela.
The flood disaster protection act of 1973 directed the. The program was first amended by the flood disaster protection act of 1973, which made the purchase of flood insurance mandatory for the protection of property within sfhas. National flood insurance act of 1968 and the flood disaster protection act of 1973. The nfip is administered by a department of the federal emergency management agency fema, the federal insurance administration fia. 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. 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. Free viewers are required for some of the attached. This insurance is available because the community has joined the national flood. Section 102 a of the flood disaster protection act of 1973. The act was motivated by a long history of property damage and loss of life due to flooding. Flood disaster protection act examination procedures keywords. 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. 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. 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 federal or federally related financial assistance for acquisition or construction of buildings in special flood hazard areas.
Flood disaster protection act counselors of real estate. Full text of flood disaster protection act of 1973. Flood disaster protection act of 1973 by united states. Determining when certain loans are designated loans for which flood insurance is required under the act and regulation.
Flood disaster protection act of 1973 open library. Apr 09, 2020 the bill amends the flood disaster protection act of 1973 to require that certain buildings and personal property be covered by flood insurance. The program was first amended by the flood disaster protection act of 1973, which made the. This booklet addresses compliance with flood insurance requirements for. The flood disaster protection act of 1973 made flood insurance mandatory in floodprone areas for. Flood disaster protection act examination procedures created date. Xvilson throughout history, man has utilized rivers for water supply, transportation, power generation, and waste disposal. This booklet addresses compliance with flood insurance requirements for lending institutions. National flood insurance act of 1968 and the flood disaster. The interagency questions and answers are organized by topic. The flood insurance act is a collective title of sorts for various acts that have. The bill amends the flood disaster protection act of 1973 to require that certain buildings and personal property be covered by flood insurance.