Page:United States Statutes at Large Volume 108 Part 3.djvu/521

 PUBLIC LAW 103-325—SEPT. 23, 1994 108 STAT. 2273 recapture any unexpended amounts and deposit the amounts in the National Flood Mitigation Fund under section 1367. "(2) FAILURE TO PROVIDE MATCHING FUNDS.— If the Director determines that a State or community that has received mitigation assistance under this section has not provided matching funds in the amount certified under subsection (g), the Director shall recapture any unexpended amounts of mitigation assistance exceeding 3 times the amount of such matching funds actually provided and deposit the amounts in the National Flood Mitigation Fund under section 1367. "(j) REPORTS.— Not later than 1 year after the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994 and biennially thereafter, the Director shall submit a report to the Congress describing the status of mitigation activities carried out with assistance provided under this section. "(k) DEFINITION OF COMMUNITY. —For purposes of this section, the term 'community' means— "(1) a political subdivision that (A) has zoning and building code jurisdiction over a particular area having special flood hazards, and (B) is participating in the national flood insurance program; or "(2) a political subdivision of a State, or other authority, that is designated to develop and administer a mitigation plan by political subdivisions, all of which meet the requirements of paragraph (1).". (b) REGULATIONS. —Not later than 6 months after the date 42 USC 4i04c of enactment of this Act, the Director of the Federal Emergency "°**- Management Agency shall issue regulations to carry out section 1366 of the National Flood Insurance Act of 1968, as added by subsection (a). SEC. 554. ESTABLISHMENT OF NATIONAL FLOOD MITIGATION FUND. (a) IN GENERAL.— Chapter III of the National Flood Insurance Act of 1968 (42 U.S.C. 4101 et seq.), as amended by the preceding provisions of this title, is further amended by adding at the end the following new section: "NATIONAL FLOOD MITIGATION FUND "SEC. 1367. (a) ESTABLISHMENT AND AVAILABILITY. — The Direc- 12 USC 4i04d tor shall establish in the Treasury of the United States a fund "°^- to be known as the National Flood Mitigation Fund, which shall be credited with amounts described in subsection (b) and shall be available, to the extent provided in appropriation Acts, for providing assistance under section 1366. "(b) CREDITS.— The National Flood Mitigation Fund shall be credited with— "(1) amounts from the National Flood Insurance Fund, in amounts not exceeding— " (A) $10,000,000 in the fiscal year ending September 30, 1994; "(B) $15,000,000 in the fiscal year ending September 30, 1995; "(C) $20,000,000 in the fiscal year ending September 30, 1996; and "(D) $20,000,000 in each fiscal year thereafter; "(2) any penalties collected under section 102(f) of the Flood Disaster Protection Act of 1973; and

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