04 NCAC 19S .1008           NATIONAL FLOOD INSURANCE PROGRAM

(a)  No HOME funds shall be used for acquisition, new construction, or rehabilitation purposes as defined under section 3(a) of the Flood Disaster Protection Act of 1973 (P.L. 93‑234) in any area that has been identified as an area having special flood hazards, unless the recipient in such an area is participating in the National Flood Insurance Program or less than a year has passed since FEMA notification regarding such hazards.

(b)  Recipients must comply with the Regulations implementing the Flood Disaster Protection Act of 1973 (44 CFR 60.3), unless the recipient is participating in the National Flood Insurance Program.

(c)  The use of HOME funds governed by this Subchapter for acquisition, new construction, or rehabilitation shall be subject to the mandatory purchase of flood insurance requirements of Section 102(a) of the Flood Disaster Protection Act of 1973 (P.L. 93‑234).

(d)  Records of participation in the National Flood Insurance Program shall be maintained by the recipient pursuant to Rule .1105 of this Subchapter.

 

History Note:        Authority G.S. 143B‑10; 143B‑431; 24 C.F.R. Part 92;

Eff. November 2, 1992.