88
STAT.]
'39
PUBLIC LAW 93-383-AUG. 22, 1974
"(c) The Secretary is authorized to undertake demonstrations involving the actual planning, development, and occupancy of housing utilizing the contract and loan authority of any federally assisted housing program. He is also authorized to set aside any development, construction, design, and occupancy requirements, for the purposes of these demonstrations, if in his judgment they inhibit the testing of housing designed to meet the special housing needs. " (d) I n carrying out this section, the Secretary shall include, as part of any demonstration, an evaluation of the demonstration to cover the full experience involved in planning, development, and occupancy. "(e) I n addition to any other contract or loan authority which the Secretary may utilize under subsection (c), not more than $10,000,000 from amounts approved in appropriation Acts shall be available for research under this section." FLOOD INSURANCE
Evaluation.
PROGRAM
SEC. 816. (a) Chapter III of title X III of the Housing and Urban Development Act of 1968 is amended by adding at the end thereof the following new section:
42 USC 4101.
"NOTICE OF FLOOD HAZARDS
"SEC. 1364. Each Federal instrumentality responsible for the supervision, approval, regulation, or insuring of banks, savings and loan associations, or similar institutions shall by regulation require such institutions, as a condition of making, increasing, extending, or renewing (after the expiration of thirty days following the date of the enactment of this section) any loan secured by improved real estate or a mobile home located or to be located in an area that has been identified by the Secretary under this title or Public Law 93-234 as an area having special flood hazards, to notify the purchaser or lessee (or obtain satisfactory assurances that the seller or lessor has notified the purchaser or lessee) of such special flood hazards, in writing, a reasonable period in advance of the signing of the purchase agreement, lease, or other documents involved in the transaction." (b) Section 1307 of such Act is amended by adding at the end thereof the following new subsection: "(e) Notwithstanding any other provision of law, any community that has made adequate progress, acceptable to the Secretary, on the construction of a flood protection system which will afford flood protection for the one-hundred year frequency flood as determined by the Secretary, shall be eligible for flood insurance under this title (if and to the extent it is eligible for such insurance under the other provisions of this title) at premium rates not exceeding those which would be applicable under this section if such flood protection system had been completed. The Secretary shall find that adequate progress on the construction of a flood protection system as required herein has been only if (1) 100 percent of the project cost of the system has been authorized, (2) at least 60 percent of the project cost of the system has been appropriated, (3) at least 50 percent of the project cost of the system has been expended, and (4) the system is at least 50 percent completed."
42 USC 4104a.
42 USC 4002 note
42 USC 4014. Flood insurnce, eligibility.
L I M I T A T I O N ON W I T H H O L D I N G OR C O N D I T I O N I N G OF ASSISTANCE
SEC. 817. Assistance provided for in this Act, the National Housing Act, the United States Housing Act of 1937, the Housing Act of 1949, ^^ use 1701. the Demonstration Cities and Metropolitan Development Act of 1966, 42 USC'u"i" and the Housing and Urban Development Acts of 1965, 1968, 1969, "°t«' 3301 note
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