A local government may acquire, by purchase, exchange, or condemnation an existing structure located in a flood hazard area in the area regulated by the local government if the local government determines that the acquisition is necessary to prevent damage from flooding. The procedure in all condemnation proceedings pursuant to this section shall conform as nearly as possible to the procedure provided in Article 3 of Chapter 40A of the N.C. Gen. Stat.. (1971, c. 1167, s. 3; 1987, c. 827, s. 183; 2000-150, s. 1.)