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31 <br />1 SEC. 402. AUTHORIZATION OF NATIONAL FLOOD AND ERO. <br />2 SION MITIGATION FUNDS UNDER SECTION <br />3 1862. <br />4 Chapter III of the National Flood Insurance Act of <br />5 1968 (42 U.S.C. 4101 et seq.), is amended by adding at <br />6 the end the following new section: <br />7 "SEC. 1886. NATIONAL FLOOD AND EROSION MITIGATION <br />8 r PROGRAM. <br />9 "(a) ExPENDrrum —For flood and erosion mitiga- <br />10 tion activities authorized under section 1367, the Director <br />11 may expend from the National Flood Insurance Fund - <br />12 "(1) up to $10,000,000 in the fiscal year end - <br />13 ing September 30, 1994; <br />14 "(2) up to $15,000,000 in the fiscal year end - <br />15 ing September 30, 1995; <br />16 "(3) up to $20,000,000 in the fiscal year end - <br />17 ing September 30, 1996; <br />18 "(4) up to $20,000,000 in each fiscal year <br />19 thereafter; and <br />20 "(5) any amounts recaptured under section <br />21 1367(i). <br />22 "(b) REPORT: Not later than 1 year after the date <br />23 of enactment of the National Flood Insurance Reform Act <br />24 of 1993 and biannually thereafter, the Director shall sub. <br />25 mit a report to the Congress describing the status of flood <br />•s t4os is <br />