S. 2947 · 117th Congress
Flood Risk Transparency for Homebuyers Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
RubioSponsorNo cosponsors.
This bill requires the Department of Housing and Urban Development (HUD) to disclose certain flood hazards to prospective buyers when listing a one-to-four-unit residential property for sale.
What it does: CRS summary · Introduced in Senate · Oct 6, 2021
Flood Risk Transparency for Homebuyers Act
This bill requires the Department of Housing and Urban Development (HUD) to disclose certain flood hazards to prospective buyers when listing a one-to-four-unit residential property for sale. The requirement applies to every such HUD-owned property located in a special flood hazard area and requires HUD to disclose (1) the estimated monthly cost to insure the property under the National Flood Insurance Program in the zip code where the property is located and (2) whether the property is a severe repetitive loss property.
A one-to-four-unit residential property is considered a severe repetitive loss property under existing law if the property is covered by flood insurance under the National Flood Insurance Program and has incurred flood-related damage resulting in either (1) four or more separate claim payments each exceeding $5,000, or (2) two or more separate claim payments that cumulatively exceed the value of the property. Severe repetitive loss properties are subject to higher flood insurance rates under the National Flood Insurance Program, but may be eligible for grants to mitigate the flood risk under certain circumstances.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Flood Risk Transparency for Homebuyers Act
Latest action (Oct 6, 2021): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Housing and Community Development · Origin: Senate · Introduced: Oct 6, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.