42 U.S.C. § 4016: Financing

All authority which was vested in the Housing and Home Finance Administrator by virtue of section 2414(e) of this title (pertaining to the issue of notes or other obligations to the Secretary of the Treasury), as amended by subsections (a) and (b) of section 1303 of this Act, shall be available to the Administrator for the purpose of carrying out the flood insurance program under this chapter; except that the total amount of notes and obligations which may be issued by the Administrator pursuant to such authority (1) without the approval of the President, may not exceed $500,000,000, and (2) with the approval of the President, may not exceed $1,500,000,000 through the date specified in section 4026 of this title , and $1,000,000,000 thereafter; except that, through September 30, 2026 , clause (2) of this sentence shall be applied by substituting “$30,425,000,000” for “$1,500,000,000”. The Administrator shall report to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate at any time when he requests the approval of the President in accordance with the preceding sentence. Any funds borrowed by the Administrator under this authority shall, from time to time, be deposited in the National Flood Insurance Fund established under section 4017 of this title . the Secretary of the Treasury; the Committee on Banking, Housing, and Urban Affairs of the Senate; and the Committee on Financial Services of the House of Representatives. the Secretary of the Treasury; the Committee on Banking, Housing, and Urban Affairs of the Senate; and the Committee on Financial Services of the House of Representatives. Subject to paragraph (2), this section [amending this section and section 4026 of this title ] shall take effect immediately upon the date of enactment of this Act [ Feb. 3, 2026 ]. If this Act is enacted after January 30, 2026 , this section shall take effect as if enacted on January 30, 2026 .” This section [amending this section and section 4026 of this title ] shall become effective immediately upon enactment of this Act [div. A of Pub. L. 116–159 , approved Oct. 1, 2020 ]. If this Act is enacted after September 30, 2020 , this section shall be applied as if it were in effect on September 30, 2020 .”