Flood Risk Transparency for Homebuyers Act

[Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [H.R. 7310 Introduced in House (IH)] <DOC> 118th CONGRESS 2d Session H. R. 7310 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. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 9, 2024 Mr. Diaz-Balart (for himself, Ms. Lois Frankel of Florida, Mr. Gimenez, Ms. Wasserman Schultz, Ms. Salazar, and Mr. Waltz) introduced the following bill; which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL 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. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Flood Risk Transparency for Homebuyers Act''. SEC. 2. DEFINITIONS. In this Act: (1) Administrator.--The term ``Administrator'' means the Administrator of the Federal Emergency Management Agency. (2) Covered property.--The term ``covered property'' means a 1-to-4 unit residential property-- (A) acquired by the Department as a result of a foreclosure action on a mortgage insured by the Federal Housing Administration under title II of the National Housing Act (12 U.S.C. 1707 et seq.); and (B) located in a special flood hazard area according to a flood hazard boundary map or flood insurance rate map issued by the Administration. (3) Department.--The term ``Department'' means the Department of Housing and Urban Development. (4) National flood insurance program.-