This bill requires the Department of Housing and Urban Development to disclose flood risk information to potential buyers of homes that HUD acquired through foreclosure and are selling in flood-prone areas. Specifically, when listing these properties for sale, HUD must provide buyers with estimated monthly flood insurance costs for their ZIP code and whether the property has a history of severe, repetitive flood damage. The legislation affects homebuyers purchasing residential properties with one to four units that HUD owns and has identified as located in special flood hazard areas. The bill requires HUD and the Federal Emergency Management Agency to submit a joint annual report to Congress beginning within one year of enactment, detailing properties sold that later had flood insurance claims filed and identifying any that experienced severe repetitive losses. The primary impact is increased transparency for potential homebuyers about flood risks and insurance costs before purchase.
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