To require the Secretary of Housing and Urban Development to provide a disclosure notice to homebuyers of properties owned by the Department of Housing and Urban Development that are located in special flood hazard areas, and for other purposes.
About This Bill
Committee
Latest Action · January 24, 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
This bill requires the Department of Housing and Urban Development (HUD) to provide homebuyers with detailed flood risk information when selling properties that were foreclosed on by the Federal Housing Administration and are located in high-risk flood zones. Specifically, HUD must disclose the estimated monthly flood insurance costs for each property and identify whether the property has a history of severe repetitive flooding losses. The bill affects homebuyers purchasing foreclosed residential properties from HUD in flood-prone areas. Additionally, HUD and the Federal Emergency Management Agency must submit a joint report to Congress within one year of the law's enactment, and every year thereafter, detailing which HUD-sold properties had flood insurance claims filed against them that year. The legislation aims to ensure potential homebuyers have transparent information about flood risks and associated costs before purchasing government-owned properties.
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