Page:United States Statutes at Large Volume 101 Part 3.djvu/642

 101 STAT. 1940

PUBLIC LAW 100-242—FEB. 5, 1988

the period beginning on the date of the enactment of this Act and ending on September 30, 1989, by more than a prorated annual rate of 10 percent. SEC. 542. EXTENSION OF CRIME INSURANCE PROGRAM. 12 USC 1749bbb.

Termination date.

12 USC

1749bbb-10c.

(a) GENERAL AUTHORITY.—Section 1201(b)(1) of the National Housing Act is amended by striking "March 15, 1988" in the matter preceding subparagraph (A) and inserting "September 30, 1989". (b) CONTINUATION OF EXISTING CONTRACTS.—Section 12010))(1)(A) of the National Housing Act is amended by striking "September 30, 1986" and inserting "September 30, 1990". (c) LIMITATION ON PREMIUMS.—The premium rates charged for crime insurance under any program established pursuant to part C of title XII of the National Housing Act may not be increased during the period beginning on the date of the enactment of this Act and ending on September 30, 1989, by more than a prorated annual rate of 5 percent. SEC. 543. STUDIES UNDER NATIONAL FLOOD INSURANCE PROGRAM.

42 USC 4127.

'Vi'j' contracts.

42 USC 4013.

Section 1376(c) of the National Flood Insurance Act of 1968 is amended to read as follows: "(c) There are authorized to be appropriated for studies under this title $37,000,000 for fiscal year 1988, and $37,000,000 for fiscal year 1989. Any amount appropriated under this subsection shall remain available until expended.. SEC. 544. SCHEDULE FOR PAYMENT OF FLOOD INSURANCE FOR STRUCTURES ON LAND SUBJECT TO IMMINENT COLLAPSE OR SUBSIDENCE.

(a) IN GENERAL.—Section 1306 of the National Flood Insurance Act of 1968 is amended by adding at the end the following new subsection: "(c)(1) If any structure covered by a contract for flood insurance under this title and located on land that is along the shore of a lake or other body of water is certified by an appropriate State or local land use authority to be subject to imminent collapse or subsidence as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels, the Director shall (following final determination by the Director that the claim is in compliance with regulations developed pursuant to paragraph (6)(A)) pay amounts under such flood insurance contract for proper demolition or relocation as follows: « "(A) For proper demolition— "(i) Following final determination by the Director, 40 percent of the value of the structure; and "(ii) Following demolition of the structure (including any bi septic containment system) prior to collapse, the remaining 60 percent of the value of the structure and 10 percent of iB the value of the structure, or the actual cost of demolition, 5 whichever amount is less. "(B) For proper relocation (including removal of any septic containment system) if the owner chooses to relocate the structure— "(i) following final determination by the Director, prior to to collapse, up to 40 percent of the value of the structure; . '-• "(ii) the total payment under this subparagraph shall not -i exceed the actual cost of relocation.

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