Amends the National Flood Insurance Act of 1968 to make flood insurance available for individual properties in an area without adequate State land use and control measures. Provides for such coverage where the Secretary of Housing and Urban development finds that: (1) the failure of participation is not attributable to the applicant; (2) such applicant made a good faith effort to encourage participation; (3) such applicant agrees to terms as would be applicable in a participating area and (4) the property was constructed prior to identification of the area as having special flood hazards.