purchase of certain insured properties

purchase of certain insured properties Sec. 1362. The Secretary may, when he determines that the public interest would be served thereby, enter into negotiations with any owner of real property or interest therein which— (1) was located in any flood-risk area, as determined by the Secretary, (2) was covered by flood insurance under the flood insurance program authorized under this title, and (3) was damaged substantially beyond repair by flood while so covered, and may purchase such property or interests therein, for subsequent transfer, by sale, lease, donation, or otherwise, to any State or local agency which enters into an agreement with the Secretary that such property shall, for a period not less than forty years following transfer, be used for only such purposes as the Secretary may, by regulation, determine to be consistent with sound land management and use in such area.