Sec. 301. Forbearance on NFIP interest payments
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During the 5-year period beginning on the date of enactment of this Act, the Secretary of the Treasury may not charge the Administrator interest on amounts borrowed by the Administrator under section 1309(a) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4016(a) ) that were outstanding as of that date of enactment. There shall be deposited into the National Flood Mitigation Fund an amount equal to the interest that would have accrued on the borrowed amounts during the 5-year period described in subsection (a), which, notwithstanding any provision of section 1367 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4104d ), the Administrator shall use to carry out the program established under section 1366 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4104c ).
After the 5-year period described in subsection (a), the Secretary of the Treasury shall not require the Administrator to repay any interest that, but for that subsection, would have accrued on the borrowed amounts described in that subsection during that 5-year period.
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