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1975/12/31 SJR157 Amendment to the Flood Disaster Protection Act of 1975
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1669190
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1975/12/31 SJR157 Amendment to the Flood Disaster Protection Act of 1975
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The original documents are located in Box 37, folder "12/31/75 SJR157 Amendment to the
Flood Disaster Protection Act of 1975" of the White House Records Office: Legislation
Case Files at the Gerald R. Ford Presidential Library.
Copyright Notice
The copyright law of the United States (Title 17, United States Code) governs the making of
photocopies or other reproductions of copyrighted material. Gerald R. Ford donated to the United
States of America his copyrights in all of his unpublished writings in National Archives collections.
Works prepared by U.S. Government employees as part of their official duties are in the public
domain. The copyrights to materials written by other individuals or organizations are presumed to
remain with them. If you think any of the information displayed in the PDF is subject to a valid
copyright claim, please contact the Gerald R. Ford Presidential Library.
Exact duplicates within this folder were not digitized.
signd 12/31/75
THE WHITE HOUSE
ACTION
WASHINGTON
Last Day: January 2, 1976
December 30, 1975
Posted
1/1
archines
MEMORANDUM FOR
THE PRESIDENT
Jo
FROM:
1/2
JIM CANNOM Y
SUBJECT:
S.J. Res. 157 - Amendment to the
Flood Disaster Protection Act of 1975
Attached for your consideration is S.J. Res. 157, sponsored
by Senator McIntyre, which would extend for two. months,
from January 1, 1976 to March 1, 1976, the exemption
from the prohibition in Section 202 (b) of the Flood
Disaster Protection Act of 1973 against financing by
federally-related financial institutions for certain
property located in communities not participating in
the national flood insurance program.
A discussion of the enrolled bill is provided in OMB's
enrolled bill report at Tab A.
OMB, Max Friedersdorf, Counsel's Office (Lazarus), Bill
Seidman and I recommend approval of the enrolled bill.
RECOMMENDATION
That you sign S.J. Res. 157 at Tab B.
DEC
1912.
Digitized from Box 37 of the White House Records Office Legislation Case Files at the Gerald R. Ford Presidential Library
THE
PRESIDENT
EXECUTIVE OFFICE OF THE PRESIDENT
UNITED
OFFICE OF MANAGEMENT AND BUDGET
SECURITYE
STATE
WASHINGTON, D.C. 20503
DEC 2 4 1975
MEMORANDUM FOR THE PRESIDENT
Subject: Enrolled Resolution S.J. Res. 157 - Amendment to
the Flood Disaster Protection Act of 1973
Sponsor - Sen. McIntyre (D) New Hampshire
Last Day for Action
January 2, 1976 - Friday. Early action is recommended since
present provision expires December 31, 1975.
Purpose
Extends for 2 months, from January 1, 1976 to March 1, 1976,
the exemption from the prohibition in section 202 (b) of the
Flood Disaster Protection Act of 1973 against financing by
federally-related financial institutions for certain property
located in communities not participating in the national flood
insurance program.
Agency Recommendations
Office of Management and Budget
Approval
Department of Housing and
Urban Development
Approval
Federal Deposit Insurance Corporation
Approval
Federal Home Loan Bank Board
No objection
Veterans Administration
No objection
(informally)
Department of the Treasury
No recommendation
Discussion
Section 202 (b) of the Flood Disaster Protection Act of 1973,
P.L. 93-234, prohibited federally-related financial institutions
from making mortgage or construction loans after June 30, 1975
on structures located in an area identified by the Secretary of
HUD as having special flood hazards, unless the community in the
area was participating in the national flood insurance program.
2
This section was amended by the Emergency Housing Act of 1975,
P.L. 94-50, to exempt from this prohibition loans made prior
to January 1, 1976 to finance the acquisition of a previously
occupied residential dwelling. This exception was designed
to prevent undue hardship to the individual homeowner who,
because of the lending sanctions in section 202 (b) would
otherwise experience great difficulty in selling his existing
residential property situated in a flood hazard area.
S.J. Res. 157 would extend the exception provided in P.L. 94-50
for two additional months, to March 1, 1976. HUD recommends
approval of the enrolled resolution, noting that the two-month
extension would allow individuals to sell their homes "pending
anticipated Congressional action on matters concerning the
flood insurance program early in the next session of Congress."
James Trey
Assistant Director for
Legislative Reference
Enclosures
OF
THE TREASURY BALL DEPARTMENT
THE DEPUTY SECRETARY OF THE TREASURY
WASHINGTON, D.C. 20220
1789
DEC 23 1975
Director, Office of Management and Budget
Executive Office of the President
Washington, D. C. 20503
Attention: Assistant Director for Legislative
Reference
Sir:
Reference is made to your request for the views of
this Department on the enrolled enactment of
S. J. Res. 157, "To provide a 2-month extension of the
exemption for loans made to finance the acquisition of
previously occupied residential dwellings from the pro-
hibition against financing by Federally-related financial
institutions for property located in communities not
participating in the national flood insurance program."
Section 202 (b) of the Flood Disaster Protection Act
of 1973 requires Federal banking agencies to prohibit
banks from making loans secured by improved real estate
in flood prone areas unless the community in which the
area is situated is participating in the national flood
insurance program. The enrolled enactment would exempt
from the prohibition any loan made prior to March 1, 1976
to finance the acquisition of a previously occupied
residential dwelling. Section 303 of Public Law 94-50
provided for such an exemption until January 1, 1976.
The Department has no recommendation to make concerning
the enrolled enactment.
Sincerely yours,
Stephen
HOME
LOAN
FEDERAL HOME LOAN BANK BOARD
BANK
WASHINGTON. D.C. 20552
6
FEDERAL HOME LOAN BANK
FEDERA
SYSTEM
320 FIRST STREET N.W.
FEDERAL HOME LOAN
MORTGAGE CORPORATION
FEDERAL SAVINGS & LOAN
INSURANCE CORPORATION
OFFICE OF
GENERAL COUNSEL
December 24, 1975
Mr. James M. Frey
Assistant Director for Legislative
Reference
Office of Management and Budget
Washington, D.C. 20503
Dear Mr. Frey:
This is in response to your Enrolled Bill request of December 22,
1975, concerning S.J. Res. 157, a Joint Resolution to provide a 2-month
extension of the exemption for loans made to finance the acquisition of
previously occupied residential dwellings from the prohibition against
financing by Federally-related financial institutions for property located
in communities not participating in the national flood insurance program.
The Joint Resolution would amend section 202(b) of the Flood
Disaster Protection Act of 1973. This section requires the Federal
instrumentalities responsible for the supervision, approval, regu-
lation, or insuring of banks, savings and loan associations, or similar
institutions to promulgate regulations prohibiting such institutions on
or after July 1, 1975, from making, increasing, extending, or renewing
any loan secured by improved real estate or a mobile home located or
to be located in an area that has been identified by the Secretary of
Housing and Urban Development as an area having special flood hazards,
unless the community in which such area is situated is then participating
in the national flood insurance program, except that the above prohibition
is not to apply to loans made prior to January 1, 1976, to finance the
acquisition of a previously occupied residential dwelling. The Joint
Mr. James M. Frey
Page Two
Resolution would amend section 202(b) by striking out "January 1, 1976"
and inserting in lieu thereof "March 1, 1976". Thus, the effect of the
amendment is to grant an additional two months in which loans can be
made to finance the acquisition of previously occupied residential
dwellings located in areas having special flood hazards, but which are
not participating in the flood insurance program.
The Board does not object to S.J. Res. 157, since it may provide
a measure of relief to homeowners who otherwise may be adversely
affected without the extension.
Sincerely,
Donel J Goldby
Daniel J. Goldberg
Deputy General Counsel
FDIC
FEDERAL DEPOSIT INSURANCE CORPORATION, Washington, D.C. 20429
OFFICE OF THE CHAIRMAN
December 23, 1975
Honorable James T. Lynn
Director
Office of Management and Budget
Executive Office of the President
Washington, D. C. 20503
Dear Mr. Lynn:
By enrolled bill request dated December 22, 1975, your Office requested
the Corporation's views and recommendations on S. J. Res. 157,
94th Congress, an enrolled bill "To provide a 2-month extension of the
exemption for loans made to finance the acquisition of previously
occupied residential dwellings from the prohibition against financing
by Federally-related financial institutions for property located in
communities not participating in the national flood insurance program."
As indicated by its title, S. J. Res. 157 would amend section 202(b) of
the Flood Disaster Protection Act of 1973 to extend from January 1, 1976
to March 1, 1976 the deadline for the making of loans by federally
insured financial institutions for the purpose of acquiring previously
occupied dwellings located in communities not participating in the
national flood insurance program.
The Corporation recommends approval of S. J. Res. 157 by the President.
Sincerely,
Frank Wille
Frank Wille
Chairman
DEPARTMENT
OF
HOUSING
*
*
THE GENERAL COUNSEL OF HOUSING AND URBAN DEVELOPMENT
e
AND
WASHINGTON, D. C. 20410
URBAN
1975
Mr. James M. Frey
Assistant Director for
Legislative Reference
Office of Management and Budget
Washington, D. C. 20503
Attention: Miss Martha Ramsey
Dear Mr. Frey:
Subject: S.J. Res. 157, 94th Congress
Enrolled Enactment
This is in response to your request for the views of this
Department on the enrolled enactment of S.J. Res. 157, a
joint resolution "To provide a 2-month extension of the
exemption for loans made to finance the acquisition of
previously occupied residential dwellings from the prohi-
bition against financing by Federally related financial
institutions for property located in communities not
participating in the national flood insurance program. "
The enrolled enactment would amend section 202(b) of the
Flood Disaster Protection Act of 1973 to extend until
March 1, 1976 the exception to the prohibition under that
section against financing by Federally regulated or
supervised lending institutions for property located in-
identified special flood hazard areas in communities not
participating in the national flood insurance program.
The exception, which permits such financing for acquisition
of a previously occupied residential dwelling, under present
law applies only to loans made prior to January 1, 1976.
2
The exception is designed to prevent undue hardship to
the individual homeowner who, because of the lending
sanctions resulting from his community's failure to
participate in the national flood insurance program,
would otherwise experience great difficulty in selling
his existing residential property situated in a flood
hazard area. The two month extension of this exception
would allow these individuals the freedom to sell their
homes pending anticipated Congressional action on matters
concerning the flood insurance program early in the next
session of Congress.
The Department of Housing and Urban Development recommends
that the President approve the enactment of S.J. Res. 157.
Sincerely,
Robert R. Elliott
DEPARTMENT
OF
U.S.
HOUSING
*
THE GENERAL COUNSEL OF HOUSING AND URBAN DEVELOPMENT
AND
WASHINGTON, D. C. 20410
URBAN
DEC 2 1975
Mr. James M. Frey
Assistant Director for
Legislative Reference
Office of Management and Budget
Washington, D. C. 20503
Attention: Miss Martha Ramsey
Dear Mr. Frey:
Subject: S.J. Res. 157, 94th Congress
Enrolled Enactment
This is in response to your request for the views of this
Department on the enrolled enactment of S.J. Res. 157, a
joint resolution "To provide a 2-month extension of the
exemption for loans made to finance the acquisition of
previously occupied residential dwellings from the prohi-
bition against financing by Federally related financial
institutions for property located in communities not
participating in the national flood insurance program."
The enrolled enactment would amend section 202 (b) of the
Flood Disaster Protection Act of 1973 to extend until
March 1, 1976 the exception to the prohibition under that
section against financing by Federally regulated or
supervised lending institutions for property located in
identified special flood hazard areas in communities not
participating in the national flood insurance program.
The exception, which permits such financing for acquisition
of a previously occupied residential dwelling, under present
law applies only to loans made prior to January 1, 1976.
2
The exception is designed to prevent undue hardship to
the individual homeowner who, because of the lending
sanctions resulting from his community's failure to
participate in the national flood insurance program,
would otherwise experience great difficulty in selling
his existing residential property situated in a flood
hazard area. The two month extension of this exception
would allow these individuals the freedom to sell their
homes pending anticipated Congressional action on matters
concerning the flood insurance program early in the next
session of Congress.
The Department of Housing and Urban Development recommends
that the President approve the enactment of S.J. Res. 157.
Sincerely,
Robert R. Elliott
THE WHITE HOUSE
WASHINGTON
DEC 30 1975
MEMORANDUM FOR:
JIM CAVANAUGH
FROM:
MAX L. FRIEDERSDORF M.O.
SUBJECT:
S.J.Res. 157 - Amendment to the Flood Disaster
Protection Act of 1973
The Office of Legislative Affairs concurs with the agencies
that the subject bill be signed.
Attachments
THE WHITE HOUSEDEC 29 RECD
ACTION MEMORANDUM
WASHINGTON
LOG NO.: 1536
Date: December 29
Time:
1000am
FOR ACTION: Tod Hullin
CC (for information):
Jack Marsh
Max Friedersdorf
Jim Cavanaugh
Ken Lazarus
Warren Hendriks
Bill Seidman
FROM THE STAFF SECRETARY
DUE: Date:
Time: 1100am
December 30
SUBJECT:
S.J. Res. 157 - Amendment to the Flood Disaster Protection
Act of 1973
ACTION REQUESTED:
For Necessary Action
For Your Recommendations
Prepare Agenda and Brief
Draft Reply
X For Your Comments
Draft Remarks
REMARKS:
Please return to Judy Johnston, Ground floor West Wing
no Community Jus
PLEASE ATTACH THIS COPY TO MATERIAL SUBMITTED.
If you have any questions or if you anticipate a
delay in submitting the required material, please
telephone the Staff Secretary immediately
EXECUTIVE OFFICE OF THE PRESIDENT
OFFICE OF MANAGEMENT AND BUDGET
WASHINGTON, D.C. 20503
DEC 2 4 1975
MEMORANDUM FOR THE PRESIDENT
Subject: Enrolled Resolution S.J. Res. 157 - Amendment to
the Flood Disaster Protection Act of 1973
Sponsor - Sen. McIntyre (D) New Hampshire
Last Day for Action
January 2, 1976 - Friday. Early action is recommended since
present provision expires December 31, 1975.
Purpose
Extends for 2 months, from January 1, 1976 to March 1, 1976,
the exemption from the prohibition in section 202 (b) of the
Flood Disaster Protection Act of 1973 against financing by
federally-related financial institutions for certain property
located in communities not participating in the national flood
insurance program.
Agency Recommendations
Office of Management and Budget
Approval
Department of Housing and
Urban Development
Approval
Federal Deposit Insurance Corporation
Approval
Federal Home Loan Bank Board
No objection
Veterans Administration
No objection
(informally)
Department of the Treasury
No recommendation
Discussion
Section 202 (b) of the Flood Disaster Protection Act of 1973,
P.L. 93-234, prohibited federally-related financial institutions
from making mortgage or construction loans after June 30, 1975
on structures located in an area identified by the Secretary of
HUD as having special flood hazards, unless the community in the
area was participating in the national flood insurance program.
Attached document was not scanned because it is duplicated elsewhere in the document
THE WHITE HOUSE
ACTION MEMORANDUM
WASHINGTON
LOG NO.: 1536
Date: December 29
Time:
1000am
FOR ACTION: Tod Hullin oh
CC (for information): Jack Marsh
Max Friedersdorf an
Jim Cavanaugh
Ken Lazarus
Warren Hendriks
Bill Seidman in
FROM THE STAFF SECRETARY
DUE: Date:
Time: 1100am
December 30
SUBJECT:
S.J. Res. 157 Amendment to the Flood Disaster Protection
Act of 1973
ACTION REQUESTED:
For Necessary Action
For Your Recommendations
Prepare Agenda and Brief
Draft Reply
X For Your Comments
Draft Remarks
REMARKS:
Please return to Judy Johnston, Ground floor West Wing
PLEASE ATTACH THIS COPY TO MATERIAL SUBMITTED.
If you have any questions or if you anticipate a
delay in submitting the required material, please
K. R. COLE, JR.
telephone the Staff Secretary immediately
For the President
THE WHITE HOUSE
ACTION MEMORANDUM
WASHINGTON
LOG NO.: 1536
Date: December 29
Time:
1000am
FOR ACTION: Tod Hullin
CC (for information):
Jack Marsh
Max Friedersdorf
Jim Cavanaugh
Ken Lazarus
Warren Hendriks
Bill Seidman
FROM THE STAFF SECRETARY
DUE: Date:
Time: 1100am
December 30
SUBJECT:
S.J. Res. 157 - Amendment to the Flood Disaster Protection
Act of 1973
ACTION REQUESTED:
For Necessary Action
For Your Recommendations
Prepare Agenda and Brief
Draft Reply
X For Your Comments
Draft Remarks
REMARKS:
Please return to Judy Johnston, Ground floor West Wing
No objection. -- Ken Lazarus 12/30/75
PLEASE ATTACH THIS COPY TO MATERIAL SUBMITTED.
If you have any questions or if you anticipate O.
delay in submitting the required material, please
1.1._1
CORRECTED SHEET
S. J. Res. 157
Ainety-fourth Congress of the United States of America
AT THE FIRST SESSION
Begun and held at the City of Washington on Tuesday, the fourteenth day of January,
one thousand nine hundred and seventy-five
Joint Resolution
To provide a 2-month extension of the exemption for loans made to finance the
acquisition of previously occupied residential dwellings from the prohibition
against financing by federally-related financial institutions for property
located in communities not participating in the national flood insurance
program.
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That section 202(b) of the
Flood Disaster Protection Act of 1973 is amended by striking out
"January 1, 1976" and inserting in lieu thereof "March 1, 1976".
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.