U.S. Code > Title 42 The Public Health and Welfare > CHAPTER 50—NATIONAL FLOOD INSURANCE > SUBCHAPTER III—COORDINATION OF FLOOD INSURANCE WITH LAND-MANAGEMENT PROGRAMS IN FLOOD-PRONE AREAS > § 4104d. National Flood Mitigation Fund

§ 4104d. National Flood Mitigation Fund

(a) Establishment and availability
The Director 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) of this section and shall be available, to the extent provided in appropriation Acts, for providing assistance under section 4104c of this title.
(b) Credits
The National Flood Mitigation Fund shall be credited with—
(1) in each fiscal year, amounts from the National Flood Insurance Fund not exceeding $40,000,000, to remain available until expended;
(2) any penalties collected under section 4012a (f) of this title; and
(3) any amounts recaptured under section 4104c (i) of this title.
(c) Administrative expenses
The Director may use not more than 5 percent of amounts made available under subsection (b) of this section to cover salaries, expenses, and other administrative costs incurred by the Director to make grants and provide assistance under sections 4104c and 4030 of this title.
(d) Investment
If the Director determines that the amounts in the National Flood Mitigation Fund are in excess of amounts needed under subsection (a) of this section, the Director may invest any excess amounts the Director determines advisable in interest-bearing obligations issued or guaranteed by the United States.
(e) Report
The Director 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.