Page:United States Statutes at Large Volume 87.djvu/1008

 976

PUBLIC LAW 93-234-DEC. 31, 1973 '

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(5) the Nation cannot afford the tragic losses of life caused annually by flood occurrences, nor the increasing losses of property suffered by flood victims, most of whom are still inadequately compensated despite the provision of costly disaster relief benefits; and (6) it is in the public interest for persons already living in flood-prone areas to have both an opportunity to purchase flood insurance and access to more adec[uate limits of coverage, so that they will be indemnified for their losses in the event of future flood disasters, (b) The purpose of this Act, therefore, is to— (1) substantially increase the limits of coverage authorized under the national flood insurance program; (2) provide for the expeditious identification of, and the dissemination of information concerning, flood-prone areas; (3) require States or local communities, as a condition of future Federal financial assistance, to participate in the flood insurance program and to adopt adequate flood plain ordinances with effective enforcement provisions consistent with Federal standards to reduce or avoid future flood losses; and (4) require the purchase of flood insurance by property owners •who are being assisted by Federal programs or by lederally supervised, reflated, or insured agencies or institutions in the acquisition or improvement of land or facilities located or to be V located in identified areas having special flood hazards. DEFINITIONS

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SKC. 8. (a) As used in this Act, unless the context otherwise requires, the term— (1) "community" means a State or a political subdivision thereof which has zoning and building code jurisdiction over a particular area having special flood hazards; (2) "Federal agency" means any department, agency, corporation, or other entity or instrumentality of the executive branch of the Federal Government, and includes the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; (8) "financial assistance" means any form of loan, grant, guaranty, insurance, payment, rebate, subsidy, disaster assistance loan or grant, or any other form of direct or indirect Federal assistance, other than general or special revenue sharing or formula grants made to States;

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