Page:United States Statutes at Large Volume 82.djvu/616

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[82 STAT. 574]
[82 STAT. 574]
PUBLIC LAW 90-000—MMMM. DD, 1968

574

PUBLIC LAW 90-448-AUG. 1, 1968

[82 STAT.

CHAPTER I—THE NATIONAL FLOOD INSURANCE PROGRAM BASIC AUTHORITY

Post,

p. 5 8 1.

SEC. 1304. (a) To carry out the purposes of this title, the Secretary of Housing and Urban Development is authorized to establish and carry out a national flood insurance program which will enable interested persons to purchase insurance against loss resulting from physical damage to or loss of real property or personal property related thereto arising from any flood occurring in the United States. (b) I n carrying out the flood insurance program the Secretary shall, to the maximum extent practicable, encourage and arrange for— (1) appropriate flnancial participation and risk sharing in the program by insurance companies and other insurers, and (2) other appropriate participation, on other than a risk-sharing basis, by insurance companies and other insurers, insurance agents and brokers, and insurance adjustment organizations, in accordance with the provisions of chapter XL SCOPE OF PROGRAM A N D PRIORITIES

SEC. 1305. (a) In carrying out the flood insurance program the Secretary shall afford a priority to making flood insurance available to cover residential properties which are designed for the occupancy of from one to four families and business properties which are owned or leased and operated by small business concerns. (b) If on the basis of— (1) studies and investigations undertaken and carried out and information received or exchanged under section 1307, and (2) such other information as may be necessary, the Secretary determines that it would be feasible to extend the flood insurance program to cover other properties, he may take such action under this title as from time to time may be necessary in order to make flood insurance available to cover, on such basis as may be feasible, any types and classes of— (A) other residential properties, (B) other business properties, (C) agricultural properties, (D) properties occupied by private nonprofit organizations, and (E) properties owned by State and local governments and agencies thereof, and any such extensions of the program to any types and classes of these properties shall from time to time be prescribed in regulations. (c) The Secretary shall make flood insurance available in only those States or areas (or subdivisions thereof) which he has determined have— (1) evidenced a positive interest in securing flood insurance coverage under the flood insurance program, and (2) given satisfactory assurance that by June 30, 1970, permanent land use and control measures wdll have been adopted for the State or area (or subdivision) which are consistent with the comprehensive criteria for land management and use developed under section 1361, and that the application and enforcement of such measures will commence as soon as technical information on floodways and on controlling flood elevations is available.