Page:United States Statutes at Large Volume 118.djvu/754

 118 STAT. 724 PUBLIC LAW 108–264—JUNE 30, 2004 ‘‘(B) at the time of the second incidence of flood related damage, the contract for flood insurance contains increased cost of compliance coverage.’’; (2) in paragraph (13), by striking ‘‘and’’ at the end; (3) in paragraph (14), by striking the period and inserting ‘‘; and’’; and (4) by adding at the end the following: ‘‘(15) the term ‘substantially damaged structure’ means a structure covered by a contract for flood insurance that has incurred damage for which the cost of repair exceeds an amount specified in any regulation promulgated by the Director, or by a community ordinance, whichever is lower.’’. SEC. 106. ACTUARIAL RATE PROPERTIES. (a) IN GENERAL.—Section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 4015) is amended by striking subsection (c) and inserting the following: ‘‘(c) ACTUARIAL RATE PROPERTIES.—Subject only to the limita tions provided under paragraphs (1) and (2), the chargeable rate shall not be less than the applicable estimated risk premium rate for such area (or subdivision thereof) under section 1307(a)(1) with respect to the following properties: ‘‘(1) POST FIRM PROPERTIES.—Any property the construction or substantial improvement of which the Director determines has been started after December 31, 1974, or started after the effective date of the initial rate map published by the Director under paragraph (2) of section 1360 for the area in which such property is located, whichever is later, except that the chargeable rate for properties under this paragraph shall be subject to the limitation under subsection (e). ‘‘(2) CERTAIN LEASED COASTAL AND RIVER PROPERTIES.— Any property leased from the Federal Government (including residential and nonresidential properties) that the Director determines is located on the river facing side of any dike, levee, or other riverine flood control structure, or seaward of any seawall or other coastal flood control structure.’’. (b) INAPPLICABILITY OF ANNUAL LIMITATIONS ON PREMIUM INCREASES.—Section 1308(e) of the National Flood Insurance Act of 1968 (42 U.S.C. 4015(e)) is amended by striking ‘‘Notwith standing’’ and inserting ‘‘Except with respect to properties described under paragraph (2) or (3) of subsection (c), and notwithstanding’’. SEC. 107. GEOSPATIAL DIGITAL FLOOD HAZARD DATA. For the purposes of flood insurance and floodplain management activities conducted pursuant to the National Flood Insurance Pro gram under the National Flood Insurance Act of 1968 (42 U.S.C. 4001 et seq.), geospatial digital flood hazard data distributed by the Federal Emergency Management Agency, or its designee, or the printed products derived from that data, are interchangeable and legally equivalent for the determination of the location of 1 in 100 year and 1 in 500 year flood planes, provided that all other geospatial data shown on the printed product meets or exceeds any accuracy standard promulgated by the Federal Emergency Management Agency. SEC. 108. REPLACEMENT OF MOBILE HOMES ON ORIGINAL SITES. Section 1315 of the National Flood Insurance Act of 1968 (42 U.S.C. 4022) is amended by adding at the end the following: 42 USC 4101 note.

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