Page:United States Statutes at Large Volume 101 Part 3.djvu/643

 PUBLIC LAW 100-242—FEB. 5, 1988

101 STAT. 1941

"(2) If any structure subject to a final determination under paragraph (1) collapses or subsides before the owner demolishes or relocates the structure and the Director determines that the owner has failed to take reasonable and prudent action to demolish or relocate the structure, the Director shall not pay more than the amount provided in subparagraph (A)(i) with respect to the structure. "(3) For purposes of paying flood insurance pursuant to this subsection, the value of a structure shall be whichever of the following is lowest: "(A) The fair market value of a comparable structure that is not subject to imminent collapse or subsidence, "(B) The price paid for the structure and any improvement to the structure, as adjusted for inflation in accordance with an index determined by the Director to be appropriate. "(C) The value of the structure under the flood insurance contract issued pursuant to this title. "(4)(A) The provisions of this subsection shall apply to contracts for flood insurance under this title that are in effect on, or entered into after, the date of the enactment of the Housing and Community Development Act of 1987. "(B) The provisions of this subsection shall not apply to any structure not subject to a contract for flood insurance under this title on the date of a certification under paragraph (1). "(C) The provisions of this subsection shall not apply to any structure unless the structure is covered by a contract for flood insurance under this title— "(i) on or before June 1, 1988; "(ii) for a period of 2 years prior to certification under paragraph (1); or "(iii) for the term of ownership if less than 2 years. "(D) The provisions of this subsection shall not apply to any structure located in the area west of the groin field on the barrier island from Moriches Inlet to Shinnecock Inlet on the southern shore of Long Island of Suffolk County, New York. "(5) For any parcel of land on which a structure is subject to a final determination under paragraph (1), no subsequent flood insurance coverage under this title or assistance under the Disaster Relief Act of 1974 (except emergency assistance essential to save lives and protect property, public health and safety) shall be available for— "(A) any structure consisting of one to four dwelling units which is constructed or relocated at a point seaward of the 30year erosion setback; or "(B) any other structure which is constructed or relocated at a point seaward of the 60-year erosion setback. "(6)(A) The Director shall promulgate regulations and guidelines to implement the provisions of this subsection. "(B) Prior to issuance of regulations regarding the State and local certifications pursuant to paragraph (1), all provisions of this subsection shall apply to any structure which is determined by the Director— "(i) to otherwise meet the requirements of this subsection; and "(ii) to have been condemned by a State or local authority and to be subject to imminent collapse or subsidence as a result of I erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels.

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