All authority which was vested in the Housing and Home Finance Administrator by virtue of section 2414(e) of this title (pertaining to the issue of notes or other obligations to the Secretary of the Treasury), as amended by subsections (a) and (b) of section 1303 of this Act, shall be available to the Administrator for the purpose of carrying out the flood insurance program under this chapter; except that the total amount of notes and obligations which may be issued by the Administrator pursuant to such authority (1) without the approval of the President, may not exceed $500,000,000, and (2) with the approval of the President, may not exceed $1,500,000,000 through the date specified in section 4026 of this title, and $1,000,000,000 thereafter; except that, through
Any funds borrowed by the Administrator under this authority shall, from time to time, be deposited in the National Flood Insurance Fund established under section 4017 of this title.
Section 1303 of this Act, referred to in subsec. (a), means section 1303 of Pub. L. 90–448, which amended section 2414(e) of this title.
This chapter, referred to in subsec. (a), was in the original a reference to “this title” meaning title XIII of Pub. L. 90–448,
2020—Subsec. (a). Pub. L. 116–159 substituted “
2019—Subsec. (a). Pub. L. 116–20 substituted “
Pub. L. 116–19 substituted “
2018—Subsec. (a). Pub. L. 115–396 substituted “
Pub. L. 115–281 substituted “
Pub. L. 115–225 substituted “
2013—Subsec. (a). Pub. L. 113–1 substituted “$30,425,000,000” for “$20,725,000,000”.
2012—Subsec. (a). Pub. L. 112–141, § 100238(b)(1), substituted “Administrator” for “Director” wherever appearing.
Pub. L. 112–141, § 100203(a), substituted “
Pub. L. 112–123 substituted “
Subsec. (b). Pub. L. 112–141, § 100238(b)(1), substituted “Administrator” for “Director”.
Subsecs. (c), (d). Pub. L. 112–141, § 100213(a), added subsecs. (c) and (d).
2011—Subsec. (a). Pub. L. 112–74 substituted “the earlier of the date of the enactment into law of an Act that specifically amends the date specified in this section or
2010—Subsec. (a). Pub. L. 111–250 substituted “
Pub. L. 111–196 substituted “
2006—Subsec. (a). Pub. L. 109–208 substituted “$20,775,000,000” for “$18,500,000,000” in first sentence.
2005—Subsec. (a). Pub. L. 109–106 substituted “$18,500,000,000” for “$3,500,000,000” in first sentence.
Pub. L. 109–65 inserted “; except that, through
2004—Subsec. (a). Pub. L. 108–264, § 101(a), which directed amendment of first sentence of subsec. (a) by substituting “through the date specified in section 4026 of this title, and” for “ ‘through December’ and all that follows through ‘, and’ ”, could not be executed because the language to be struck out did not appear subsequent to amendment by Pub. L. 108–171. See 2003 Amendment note below.
Pub. L. 108–199 made amendment identical to that made by Pub. L. 108–171. See 2003 Amendment note below.
2003—Subsec. (a)(2). Pub. L. 108–171 substituted “the date specified in section 4026 of this title” for “
Pub. L. 108–3 substituted “
2001—Subsec. (a)(2). Pub. L. 107–73 substituted “2002” for “2001”.
2000—Subsec. (a)(2). Pub. L. 106–377 substituted “
1999—Subsec. (a)(2). Pub. L. 106–74, which directed substitution of “2000” for “1999” in section “1309(a)(2) of the National Flood Insurance Act”, was executed to subsec. (a)(2) of this section, which is section 1309 of the National Flood Insurance Act of 1968, to reflect the probable intent of Congress.
1998—Subsec. (a)(2). Pub. L. 105–276, which directed substitution of “1999” for “1998” in section “1309(a)(2) of the National Flood Insurance Act”, was executed by making the substitution in subsec. (a)(2) of this section, which is section 1309 of the National Flood Insurance Act of 1968, to reflect the probable intent of Congress.
1997—Subsec. (a)(2). Pub. L. 105–65, which directed substitution of “1998” for “1997” in section “1309(a)(2) of the National Flood Insurance Act”, was executed by making the substitution in subsec. (a)(2) of this section, which is section 1309 of the National Flood Insurance Act of 1968, to reflect the probable intent of Congress.
1996—Subsec. (a)(2). Pub. L. 104–208 substituted “$1,500,000,000 through
1984—Subsec. (a). Pub. L. 98–479 substituted “, Finance and Urban Affairs” for “and Currency” and inserted a comma after “Housing” in last sentence.
1983—Pub. L. 98–181 substituted “Director” for “Secretary” wherever appearing.
1973—Subsec. (a). Pub. L. 93–234 substituted provisions respecting issuance of notes and obligation for $500,000,000 without approval of President and for $1,000,000,000 with approval of President, for former provision prescribing a $250,000,000 limitation, struck out provision rescinding authority of Secretary to issue notes and obligations under section 2414(e) of this title, and provided for report to Congressional Committees when the approval of the President is requested.
Reference to the Director of the Federal Emergency Management Agency in any law, rule, regulation, certificate, directive, instruction, or other official paper, considered to refer and apply to the Administrator of the Federal Emergency Management Agency, see section 612(f)(2) of Pub. L. 109–295, set out as a note under section 313 of Title 6, Domestic Security.
Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress,
Pub. L. 116–159, div. A, § 146(c),
Pub. L. 116–20, title XII, § 1207(c),
Pub. L. 116–19, § 2(c),
Pub. L. 115–396, § 2(c),
Pub. L. 111–196, § 2(c),
Pub. L. 108–199, div. H, § 136(b),
Pub. L. 108–171, § 2(b),
Pub. L. 108–3, § 2(b),
Section effective 120 days following
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
Functions vested in Secretary of Housing and Urban Development pursuant to this chapter transferred to Director of Federal Emergency Management Agency pursuant to Reorg. Plan No. 3 of 1978, § 202,
Functions of Housing and Home Finance Agency and head thereof transferred to Secretary of Housing and Urban Development by Pub. L. 89–174, § 5(a),
For nonamendatory provisions extending the limitation on financing provisions in subsec. (a) of this section, see Extension of Program notes under section 4026 of this title.