; or (2) carry over to the purchaser of the property if the purchaser so consents before the execution of the sale. 207. Revolving loan funds (a) In general Chapter I of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011 et seq. ) is amended by adding at the end the following: 1326. State or Tribal government revolving loan funds for flood mitigation (a) Definitions In this section: (1) Community rating system The term Community Rating System means the community rating system program carried out under section 1315(b). (2) Intended use plan The term intended use plan means a plan prepared under subsection (d)(1). (3) Low-income geographic area The term low-income geographic area means an area described in paragraph (1) or (2) of section 301(a) of the Public Works and Economic Development Act of 1965 ( 42 U.S.C. 3161(a) ). (4) Low-income homeowner The term low-income homeowner means the owner of a primary residence, the household income of which in a taxable year is not more than 80 percent of the median income for the area in which the residence is located. (5) Participating entity The term participating entity means a State or Tribal government that— (A) has entered into an agreement under subsection (b)(1); and (B) agrees to comply with the requirements of this section. (6) Pre-FIRM building The term pre-FIRM building means a building for which construction or substantial improvement occurred before the later of— (A) December 31, 1974