Page:United States Statutes at Large Volume 108 Part 3.djvu/517

 PUBLIC LAW 103-325—SEPT. 23, 1994 108 STAT. 2269 the program, any other accompHshments or shortcomings of the program, and any recommendations of the Director for legislation regarding the program.". SEC. 542. FUNDING. Section 1310(a) of the National Flood Insurance Act of 1968 (42 U.S.C. 4017(a)) is amended— (1) in paragraph (4), by striking "and" at the end; (2) in paragraph (5), by striking the period at the end and inserting a semicolon; and (3) by adding after paragraph (5) the following new paragraph: "(6) for carrying out the program under section 1315(b);". Subtitle D—Mitigation of Flood Risks SEC. 551. REPEAL OF FLOODED PROPERTY PURCHASE AND LOAN PROGRAM. (a) REPEAL.— Section 1362 of the National Flood Insurance Act of 1968 (42 U.S.C. 4103) is hereby repealed. (b) TRANSITION PHASE. —Notwithstanding subsection (a), during the 1-year period beginning on the date of enactment of this Act, the Director of the Federal Emergency Management Agency may enter into loan and purchase commitments as provided under section 1362 of the National Flood Insurance Act of 1968 (as in effect immediately before the enactment of this Act). (c) SAVINGS PROVISION. — Notwithstanding subsection (a), the 42 USC 4103 Director shall take any action necessary to comply with any pur- ^°^- chase or loan commitment entered into before the expiration of the period referred to in subsection (b) pursuant to authority under section 1362 of the National Flood Insurance Act of 1968 or subsection (b). SEC. 552. TERMINATION OF EROSION-THREATENED STRUCTURES PROGRAM. (a) IN GENERAL.—Section 1306 of the National Flood Insurance Act of 1968 (42 U.S.C. 4013) is amended by striking subsection (0. (b) TRANSITION PHASE.—Notwithstanding subsection (a), during 42 USC 4013 the 1-year period beginning on the date of enactment of this Act, "°^- the Director of the Federal Emergency Management Agency may pay amounts under flood insurance contracts for demolition or relocation of structures as provided in section 1306(c) of the National Flood Insurance Act of 1968 (as in effect immediately before the enactment of this Act). (c) SAVINGS PROVISION.— Notwithstanding subsection (a), the 42 USC 4013 Director shall take any action necessary to msike payments under ^°^- flood insurance contracts pursuant to any commitments made before the expiration of the period referred to in subsection (b) pursuant to the authority under section 1306(c) of the National Flood Insurance Act of 1968 or subsection (b). (d) REPEAL OF FINDINGS PROVISION.— Section 1302 of the National Flood Insurance Act of 1968 (42 U.S.C. 4001) is amended by striking subsection (g).

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