Section,
Pub. L. 90–448, title XIII, §1362, Aug. 1, 1968, 82 Stat. 588
;
Pub. L. 95–128, title VII, §704(b), Oct. 12, 1977, 91 Stat. 1145
;
Pub. L. 98–181, title IV, §451(d)(1), Nov. 30, 1983, 97 Stat. 1229
, related to purchase, by Director, of insured properties damaged substantially beyond repair by flood, for subsequent transfer to State or local agency upon negotiated conditions.
Savings Provision
Section 551(c) of Pub. L. 103–325 provided that: "Notwithstanding subsection (a) [repealing this section], the Director shall take any action necessary to comply with any purchase or loan commitment entered into before the expiration of the period referred to in subsection (b) [set out below] pursuant to authority under section 1362 of the National Flood Insurance Act of 1968 [this section] or subsection (b)."
Transition Phase
Section 551(b) of Pub. L. 103–325 provided that: "Notwithstanding subsection (a) [repealing this section], during the 1-year period beginning on the date of enactment of this Act [Sept. 23, 1994], the Director of the Federal Emergency Management Agency may enter into loan and purchase commitments as provided under section 1362 of the National Flood Insurance Act of 1968 [this section] (as in effect immediately before the enactment of this Act)."