Repetitive Flood Loss Reduction Act of 1998

[AI summary unavailable — showing source text] Repetitive Flood Loss Reduction Act of 1998 - Amends the National Flood Insurance Act of 1968 to require the Director of the Federal Emergency Management Agency to carry out a program to mitigate repetitive flood losses to property by providing financial assistance to States, communities, and local flood management agencies for planning and carrying out activities designed to reduce expenditures from the National Flood Insurance Fund for damages to properties caused by repetitive flooding. Includes among eligible mitigation activities, subject to specified restrictions: (1) elevation, relocation, demolition, or floodproofing of structures located in areas having special flood hazards or other areas of flood risk; (2) acquisition by States and communities of properties located in areas having special flood hazards or other areas of flood risk for public use, as the Director determines is consistent with sound land management and use; (3) minor physical mitigation efforts that do not duplicate the flood prevention activities of other Federal agencies, States, communities, or local flood management agencies and that lessen the frequency or severity of flooding and decrease predicted f…