1. (a) Establishment and availability The Administrator shall establish in the Treasury of the United States a fund to be known as the National Flood Mitigation Fund, which shall be credited with amounts described in subsection (b) and shall be available, to the extent provided in appropriation Acts, for providing assistance under section 4104c of this title.

2. (b) Credits The National Flood Mitigation Fund shall be credited with—

   1. (1) in each fiscal year, amounts from the National Flood Insurance Fund not to exceed $90,000,000 and to remain available until expended, of which—

      1. (A) not more than $40,000,000 shall be available pursuant to subsection (a) of this section for assistance described in section 4104c(a)(1) of this title;
      2. (B) not more than $40,000,000 shall be available pursuant to subsection (a) of this section for assistance described in section 4104c(a)(2) of this title; and
      3. (C) not more than $10,000,000 shall be available pursuant to subsection (a) of this section for assistance described in section 4104c(a)(3) of this title;
   2. (2) any penalties collected under section 4012a(f) of this title; and
   3. (3) any amounts recaptured under section 4104c(e) of this title.
3. (c) Administrative expenses The Administrator may use not more than 5 percent of amounts made available under subsection (b) to cover salaries, expenses, and other administrative costs incurred by the Administrator to make grants and provide assistance under section 4104c of this title.
4. (d) Prohibition on offsetting collections Notwithstanding any other provision of this chapter, amounts made available pursuant to this section shall not be subject to offsetting collections through premium rates for flood insurance coverage under this chapter.
5. (e) Continued availability and reallocation Any amounts made available pursuant to subparagraph (A), (B), or (C) of subsection (b)(1) that are not used in any fiscal year shall continue to be available for the purposes specified in the subparagraph of subsection (b)(1) pursuant to which such amounts were made available, unless the Administrator determines that reallocation of such unused amounts to meet demonstrated need for other mitigation activities under section 4104c of this title is in the best interest of the National Flood Insurance Fund.
6. (f) Investment If the Administrator determines that the amounts in the National Flood Mitigation Fund are in excess of amounts needed under subsection (a), the Administrator may invest any excess amounts the Administrator determines advisable in interest-bearing obligations issued or guaranteed by the United States.
7. (g) Report The Administrator shall submit a report to the Congress not later than the expiration of the 1-year period beginning on September 23, 1994, and not less than once during each successive 2-year period thereafter. The report shall describe the status of the Fund and any activities carried out with amounts from the Fund.

(Pub. L. 90–448, title XIII, § 1367, as added Pub. L. 103–325, title V, § 554(a), Sept. 23, 1994, 108 Stat. 2273; amended Pub. L. 108–264, title I, § 103(d), June 30, 2004, 118 Stat. 721; Pub. L. 112–141, div. F, title II, §§ 100225(e), 100238(b)(1), July 6, 2012, 126 Stat. 941, 958.)

Editorial Notes

References in Text

This chapter, referred to in subsec. (d), was in the original a reference to “this title” meaning title XIII of Pub. L. 90–448, Aug. 1, 1968, 82 Stat. 572, known as the National Flood Insurance Act of 1968, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 4001 of this title and Tables.

Codification

September 23, 1994, referred to in subsec. (g), was in the original “the date of enactment of this Act”, which was translated as meaning the date of enactment of Pub. L. 103–325, which enacted this section, to reflect the probable intent of Congress.

Amendments

2012—Subsec. (a). Pub. L. 112–141, § 100238(b)(1), substituted “Administrator” for “Director”.

Subsec. (b)(1). Pub. L. 112–141, § 100225(e)(1)(A), added par. (1) and struck out former par. (1) which read as follows: “in each fiscal year, amounts from the National Flood Insurance Fund not exceeding $40,000,000, to remain available until expended;”.

Subsec. (b)(3). Pub. L. 112–141, § 100225(e)(1)(B), substituted “section 4104c(e)” for “section 4104c(i)”.

Subsec. (c). Pub. L. 112–141, § 100238(b)(1), substituted “Administrator” for “Director” in two places.

Pub. L. 112–141, § 100225(e)(2), substituted “section 4104c” for “sections 4104c and 4030”.

Subsecs. (d), (e). Pub. L. 112–141, § 100225(e)(4), added subsecs. (d) and (e). Former subsecs. (d) and (e) redesignated (f) and (g), respectively.

Subsecs. (f), (g). Pub. L. 112–141, § 100238(b)(1), substituted “Administrator” for “Director” wherever appearing.

Pub. L. 112–141, § 100225(e)(3), redesignated subsecs. (d) and (e) as (f) and (g), respectively.

2004—Subsec. (b)(1). Pub. L 108–264, § 103(d)(1), added par. (1) and struck out former par. (1) which read as follows: “amounts from the National Flood Insurance Fund, in amounts not exceeding—

“(A) $10,000,000 in the fiscal year ending September 30, 1994;

“(B) $15,000,000 in the fiscal year ending September 30, 1995;

“(C) $20,000,000 in the fiscal year ending September 30, 1996; and

“(D) $20,000,000 in each fiscal year thereafter;”.

Subsecs. (c) to (e). Pub. L. 108–264, § 103(d)(2), (3), added subsec. (c) and redesignated former subsecs. (c) and (d) as (d) and (e), respectively.

Statutory Notes and Related Subsidiaries

Transfer of Functions

For transfer of all functions, personnel, assets, components, authorities, grant programs, and liabilities of the Federal Emergency Management Agency, including the functions of the Under Secretary for Federal Emergency Management relating thereto, to the Federal Emergency Management Agency, see section 315(a)(1) of Title 6, Domestic Security.

For transfer of functions, personnel, assets, and liabilities of the Federal Emergency Management Agency, including the functions of the Director of the Federal Emergency Management Agency relating thereto, to the Secretary of Homeland Security, and for treatment of related references, see former section 313(1) and sections 551(d), 552(d), and 557 of Title 6, Domestic Security, and the Department of Homeland Security Reorganization Plan of November 25, 2002, as modified, set out as a note under section 542 of Title 6.