Page:United States Statutes at Large Volume 118.djvu/747

 118 STAT. 717 PUBLIC LAW 108–264—JUNE 30, 2004 ‘‘(i) contain one or more severe repetitive loss prop erties; and ‘‘(ii) are located in States that receive little or no assistance, as determined by the Director, under the allocation formula under subparagraph (A). ‘‘(6) NOTICE.—Upon making an offer to provide assistance with respect to a property for any eligible activity under sub section (c), the State or community shall notify each holder of a recorded interest on the property of such offer and activity. ‘‘(g) PURCHASE OFFERS.—A State or community may take action under subsection (c)(2) to purchase a severe repetitive loss property only if the following requirements are met: ‘‘(1) USE OF PROPERTY.—The State or community enters into an agreement with the Director that provides assurances that the property purchased will be used in a manner that is consistent with the requirements of section 404(b)(2)(B) of the Robert T. Stafford Disaster Relief and Emergency Assist ance Act (42 U.S.C. 5170c(b)(2)(B)) for properties acquired, accepted, or from which a structure will be removed pursuant to a project provided property acquisition and relocation assist ance under such section 404(b). ‘‘(2) OFFERS.—The Director shall provide assistance in a manner that permits States and communities to make offers to owners of severe repetitive loss properties and of associated land to engage in eligible activities as soon as possible. ‘‘(3) PURCHASE PRICE.—The amount of purchase offer is not less than the greatest of— ‘‘(A) the amount of the original purchase price of the property, when purchased by the holder of the current policy of flood insurance under this title; ‘‘(B) the total amount owed, at the time the offer to purchase is made, under any loan secured by a recorded interest on the property; and ‘‘(C) an amount equal to the fair market value of the property immediately before the most recent flood event affecting the property, or an amount equal to the current fair market value of the property. ‘‘(4) COMPARABLE HOUSING PAYMENT.—If a purchase offer made under paragraph (2) is less than the cost of the home owner occupant to purchase a comparable replacement dwelling outside the flood hazard area in the same community, the Director shall make available an additional relocation payment to the homeowner occupant to apply to the difference. ‘‘(h) INCREASED PREMIUMS IN CASES OF REFUSAL TO MITI GATE.— ‘‘(1) IN GENERAL.—In any case in which the owner of a severe repetitive loss property refuses an offer to take action under paragraph (1) or (2) of subsection (c) with respect to such property, the Director shall— ‘‘(A) notify each holder of a recorded interest on the property of such refusal; and ‘‘(B) notwithstanding subsections (a) through (c) of sec tion 1308, thereafter the chargeable premium rate with respect to the property shall be the amount equal to 150 percent of the chargeable rate for the property at the time that the offer was made, as adjusted by any other premium adjustments otherwise applicable to the property Notification.

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