44 CFR 73.4 – Restoration of flood insurance coverage
(a) Insurance availability shall be restored to a property upon a finding by the Federal Insurance Administrator of a valid rescission of a declaration of a violation.
Terms Used In 44 CFR 73.4
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
(b) A valid rescission shall be submitted to the Federal Insurance Administrator and shall consist of:
(1) The name of the property owner(s) and an address or legal description of the property sufficient to identify the property and to enable FEMA to identify the previous declaration;
(2) A clear and unequivocal statement by an authorized public body rescinding the declaration and giving the reason(s) for the rescission;
(3) A description of and supporting documentation for the measures taken in lieu of denial of insurance in order to bring the structure into compliance with the local flood plain management regulations; and
(4) A clear statement that the public body rescinding the declaration has the authority to do so and a citation to that authority.