
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC4002]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
                  CHAPTER 50--NATIONAL FLOOD INSURANCE
 
Sec. 4002. Additional Congressional findings and declaration of 
        purpose
        
    (a) The Congress finds that--
        (1) annual losses throughout the Nation from floods and 
    mudslides are increasing at an alarming rate, largely as a result of 
    the accelerating development of, and concentration of population in, 
    areas of flood and mudslide hazards;
        (2) the availability of Federal loans, grants, guaranties, 
    insurance, and other forms of financial assistance are often 
    determining factors in the utilization of land and the location and 
    construction of public and of private industrial, commercial, and 
    residential facilities;
        (3) property acquired or constructed with grants or other 
    Federal assistance may be exposed to risk of loss through floods, 
    thus frustrating the purpose for which such assistance was extended;
        (4) Federal instrumentalities insure or otherwise provide 
    financial protection to banking and credit institutions whose assets 
    include a substantial number of mortgage loans and other 
    indebtedness secured by property exposed to loss and damage from 
    floods and mudslides;
        (5) the Nation cannot afford the tragic losses of life caused 
    annually by flood occurrences, nor the increasing losses of property 
    suffered by flood victims, most of whom are still inadequately 
    compensated despite the provision of costly disaster relief 
    benefits; and
        (6) it is in the public interest for persons already living in 
    flood-prone areas to have both an opportunity to purchase flood 
    insurance and access to more adequate limits of coverage, so that 
    they will be indemnified, for their losses in the event of future 
    flood disasters.

    (b) The purpose of this Act, therefore, is to--
        (1) substantially increase the limits of coverage authorized 
    under the national flood insurance program;
        (2) provide for the expeditious identification of, and the 
    dissemination of information concerning, flood-prone areas;
        (3) require States or local communities, as a condition of 
    future Federal financial assistance, to participate in the flood 
    insurance program and to adopt adequate flood plan ordinances with 
    effective enforcement provisions consistent with Federal standards 
    to reduce or avoid future flood losses; and
        (4) require the purchase of flood insurance by property owners 
    who are being assisted by Federal programs or by federally 
    supervised, regulated, or insured agencies or institutions in the 
    acquisition or improvement of land or facilities located or to be 
    located in identified areas having special flood hazards.

(Pub. L. 93-234, Sec. 2, Dec. 31, 1973, 87 Stat. 975.)

                       References in Text

    This Act, referred to in subsec. (b), means Pub. L. 93-234, Dec. 31, 
1973, 87 Stat. 975, as amended, known as 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.

                          Codification

    Section was enacted as part of Flood Disaster Protection Act of 
1973, and not as part of National Flood Insurance Act of 1968 which 
comprises this chapter.
